# In the matter of Kitply Industries Limited I.A. No. 22-2019 in C.P.(IB) No. 02-GB-2018

> NCLT judgment dated 2019-05-10. Citation: TCN-2019-NCLT-03341. The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 May 2019
- **Citation:** TCN-2019-NCLT-03341
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kitply-industries-limited-ia-no-22-2019-in-cpib-no-02-gb-2018-540cd0e2

## Summary

### Background

The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Section 12(2) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016. The applicant, K.S. Marketing, challenged the rejection of its claim. The reliefs sought were to set aside a communication dated 2019-11-26 from the IRP and direct the IRP to consider the proof of claim submitted on 2018-11-24 as a valid proof under the insolvency resolution process.

## Facts

K.S. Marketing, the applicant and operational creditor, filed an application challenging the rejection of its claim in the Corporate Insolvency Resolution Process (CIRP) of Kitply Industries Limited. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Section 12(2) of the IBBI regulations. K.S. Marketing sought to have the communication dated 2019-11-26 set aside and to have its proof of claim dated 2018-11-24 considered as valid. The NCLT noted that a similar application, I.A.No.21/2019, had already been dismissed. The Corporate Insolvency Resolution Process (CIRP) had been disposed of by approving a resolution plan. The court found that the current application was therefore not maintainable.

## Issues and analysis

### Issue 1: Whether the application filed by K.S. Marketing challenging the rejection of its claim is …

**Ratio:** An application is not maintainable if the Corporate Insolvency Resolution Process (CIRP)

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**Reasoning:** The court reasoned that since the Corporate Insolvency Resolution Process (CIRP) had been

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**Interpretation:** This interpretation emphasizes the finality of the resolution plan approval in

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**Application:** The ratio and reasoning were applied to the facts of the case, where K.S.

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## Parties

- **Judges:** Jinan…
- **Appellants:** K. S. Mar…
- **Respondents:** Kitply Industries…

## Timeline

- **2018-11-24 — Claim Subm…**: K.S. Marketing submitted a…
- **2019-05-10 — Order Da…**: Date of the order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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