# In the matter of Lakshmi Precision Screws Ltd. CP (IB) No.38-Chd-Hry-2019

> NCLT judgment dated 2019-01-29. Citation: TCN-2019-NCLT-05129. The case involves an application filed by Indian Organic Corporation, an operational creditor,…

- **Court:** NCLT
- **Order date:** 29 Jan 2019
- **Citation:** TCN-2019-NCLT-05129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lakshmi-precision-screws-ltd-cp-ib-no38-chd-hry-2019-ef7c358a

## Summary

### Background

The case involves an application filed by Indian Organic Corporation, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Lakshmi Precision Screws Ltd., the corporate debtor. Another petition, CP(IB) No.155/Chd/Hry/2018, titled as Hind Tradex Ltd. Versus Lakshmi Precision Screws Ltd., against the same corporate debtor was admitted by this Tribunal on 18.07.2018.

## Facts

Indian Organic Corporation, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Lakshmi Precision Screws Ltd., the corporate debtor. Prior to this petition, another petition, CP(IB) No.155/Chd/Hry/2018, filed by Hind Tradex Ltd. against the same corporate debtor, Lakshmi Precision Screws Ltd., had already been admitted by the Tribunal on 18.07.2018. The current petition was filed while the Corporate Insolvency Resolution Process was already underway for Lakshmi Precision Screws Ltd.

## Issues and analysis

### Issue 1: Whether the petition filed by Indian Organic Corporation under Section 9 of the Insolvency and …

**Ratio:** The principle is to avoid multiplicity of proceedings and to consolidate insolvency

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**Reasoning:** The court reasoned that since another petition against the same corporate debtor had

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code favors consolidation

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**Application:** The court applied the principle by disposing of the current petition but

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Indian Organic…
- **Respondents:** Lakshmi Precisions…

## Timeline

- **2018-07-18 — Admission of Prior…**: CP(IB) No.155/Chd/Hry/2018, filed by Hind Tradex Ltd. against Lakshmi Precision Screws…
- **2019-01-29 — Order Del…**: The court disposed of the petition filed by Indian Organic Corporation, granting liberty…

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