# In the matter of Mudra Denim Private Limited C.P. (IB) 3102(MB)-2019

> NCLT judgment dated 2021-07-13. Citation: TCN-2021-NCLT-01766. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 13 Jul 2021
- **Citation:** TCN-2021-NCLT-01766
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mudra-denim-private-limited-cp-ib-3102mb-2019-127fb42b

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was against Mudra Denim Private Limited. The hearing was conducted by the Mumbai bench of the National Company Law Tribunal (NCLT) on July 13, 2021.

## Facts

Punjab National Bank filed a petition against Mudra Denim Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. However, a prior petition against Mudra Denim Private Limited had already been admitted by the court in CP No. 1139 of 2019, with an order dated August 10, 2020. The existence of the prior admitted petition is the key fact that led to the dismissal of the current petition.

## Issues and analysis

### Issue 1: Whether the petition filed by Punjab National Bank should be admitted, considering a prior petition …

**Ratio:** When a petition against a corporate debtor has already been admitted in a prior case,

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**Reasoning:** The court reasoned that since a petition against Mudra Denim Private Limited had already

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**Interpretation:** This interpretation emphasizes the principle that once insolvency proceedings

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where a

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## Parties

- **Judges:** RAJESH S…; SUCHITRA KANUPARTH…; +1 more
- **Appellants:** Punjab National…
- **Respondents:** Mudra Denim…

## Timeline

- **2020-08-10 — Prior Petition…**: A petition against Mudra Denim Private…
- **2021-07-13 — Current Petitio…**: Hearing of the petition filed by Punjab National…

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