# In the matter of Marg Ltd. IBA-459-2019

> NCLT judgment dated 2019-05-28. Citation: TCN-2019-NCLT-03169. The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Financial…

- **Court:** NCLT
- **Order date:** 28 May 2019
- **Citation:** TCN-2019-NCLT-03169
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/marg-ltd-iba-459-2019-15e247ba

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Financial Creditor's counsel reported that the Bench had already admitted CP/541/IB/2018 against the Corporate Debtor. At the Financial Creditor's request, the current petition, IBA/459/2019, was considered for dismissal.

## Facts

The key facts are as follows: Pegasus Assets Company Reconstruction PV LTD filed a petition (IBA/459/2019) against Marg LTD under Section 7 Rule 4 of the IBC. However, the Financial Creditor's counsel reported that CP/541/IB/2018 against Marg LTD had already been admitted. The Financial Creditor then requested the dismissal of IBA/459/2019. The relevance of the prior admission of CP/541/IB/2018 is that it initiated an insolvency resolution process for the same Corporate Debtor, making the current petition redundant.

## Issues and analysis

### Issue 1: Whether the petition IBA/459/2019 should be dismissed given the prior admission of CP/541/IB/2018 …

**Ratio:** When a prior application for insolvency resolution has already been admitted against a

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**Reasoning:** The court reasoned that since CP/541/IB/2018 had already been admitted, initiating

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**Interpretation:** This interpretation emphasizes the principle of avoiding multiple parallel

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**Application:** In this case, since CP/541/IB/2018 was already admitted against Marg LTD, the

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** PEGASUS ASSETS…
- **Respondents:** Marg…

## Timeline

- **2018-01-01 — CP/541/IB/2018…**: CP/541/IB/2018 was admitted against…
- **2019-05-28 — Hearing of IBA…**: Hearing held for…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/marg-ltd-iba-459-2019-15e247ba