# In the matter of Kiran Udyog Private Limited IB-315-(ND)-2021

> NCLT judgment dated 2021-12-20. Citation: TCN-2021-NCLT-00131. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 20 Dec 2021
- **Citation:** TCN-2021-NCLT-00131
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kiran-udyog-private-limited-ib-315-nd-2021-8fac282c

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, filed by M/s Samyak Metals Private Limited against M/s Kiran Udyog Private Limited. The petition was filed to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.

## Facts

M/s Samyak Metals Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Kiran Udyog Private Limited. The petition was registered as IB-315/(ND)/2021. However, the court noted that another petition, M/s Jaycee Castalloys Private Limited Vs. M/s Kiran Udyog Private Limited, [IB-813/(ND)/2020], had already been admitted against the same corporate debtor, and CIRP had been initiated vide order dated 2021-12-14. The court considered the fact that a second CIRP cannot be initiated against a corporate debtor already undergoing the process. The Insolvency Professional was identified as Mr. Aditya Kumar.

## Issues and analysis

### Issue 1: Whether a Corporate Insolvency Resolution Process can be initiated against a corporate debtor when …

**Ratio:** A corporate insolvency resolution process cannot be initiated against a corporate debtor

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**Reasoning:** The court reasoned that initiating a second CIRP against the same corporate debtor would

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code, 2016, is that only

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**Application:** In this case, since M/s Kiran Udyog Private Limited was already undergoing CIRP

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI. RAHUL…
- **Appellants:** M/s Samyak Metals…
- **Respondents:** M/s Kiran Udyog…

## Timeline

- **2021-12-14 — Admission o…**: The petition [IB-813/(ND)/2020] filed by M/s Jaycee Castalloys Private Limited against…
- **2021-12-20 — Order Da…**: The court disposed of the petition IB-315/(ND)/2021 filed by M/s Samyak Metals Private…

## 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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