# In the matter of Kashyap Moters India Pvt. Ltd. (IB)-1774(PB)-2019

> NCLT judgment dated 2019-07-30. Citation: TCN-2019-NCLT-02204. The case involves Magnets India as the applicant/petitioner against Kashyap Motors India Pvt.…

- **Court:** NCLT
- **Order date:** 30 Jul 2019
- **Citation:** TCN-2019-NCLT-02204
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kashyap-moters-india-pvt-ltd-ib-1774pb-2019-00c7a94a

## Summary

### Background

The case involves Magnets India as the applicant/petitioner against Kashyap Motors India Pvt. Ltd. as the respondent. The order pertains to Section 9 of the Insolvency & Bankruptcy Code, 2016. A prior Corporate Insolvency Resolution Process (CIRP) against Kashyap Motors India Pvt. Ltd. had already been admitted on 2019-03-05 under C.P. No. (IB)-1528(PB)/2018, and the process was ongoing.

## Facts

Magnets India filed a petition against Kashyap Motors India Pvt. Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016. A CIRP against Kashyap Motors India Pvt. Ltd. had already been admitted on 2019-03-05 under C.P. No. (IB)-1528(PB)/2018, and the process was in progress. The petitioner in the present petition (IB-1774(PB)/2019) was directed to file its claim before the IRP. The order also stated that if the order dated 2019-03-05 is set aside, the petitioner has the liberty to file an appropriate application for revival of the petition.

## Issues and analysis

### Issue 1: Whether the petitioner's claim in the present petition (IB-1774(PB)/2019) should be considered …

**Ratio:** When a CIRP is already in progress against a corporate debtor, any claims against the

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**Reasoning:** The court reasoned that since a CIRP was already admitted against Kashyap Motors India

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**Interpretation:** This interprets the IBC to mean that all claims against a corporate debtor

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**Application:** The court applied this principle by directing Magnets India to file its claim

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## Parties

- **Judges:** DEEPTI M…; SH. S. K.…
- **Appellants:** Magnets…
- **Respondents:** Kashyap Motors…; Kashyap Moters…
- **Advocates:** Sourabh…

## Timeline

- **2019-03-05 — CIRP Admi…**: CIRP against Kashyap Motors India Pvt. Ltd. was admitted under C.P. No.…
- **2019-07-30 — Order Del…**: Order delivered directing the petitioner to file its claim before the IRP and granting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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