# In the matter of NS Papers Limited CP No. (IB) 260-ALD-2019

> NCLT judgment dated 2019-07-31. Citation: TCN-2019-NCLT-02165. The case pertains to CP No.(IB) 260/ALD/2019 before the National Company Law Tribunal,…

- **Court:** NCLT
- **Order date:** 31 Jul 2019
- **Citation:** TCN-2019-NCLT-02165
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ns-papers-limited-cp-no-ib-260-ald-2019-9bfcb759

## Summary

### Background

The case pertains to CP No.(IB) 260/ALD/2019 before the National Company Law Tribunal, Allahabad Bench. The matter involves Punjab National Bank V/s NS Papers Limited. The Financial Creditor's (FC/PNB) representative, Dr. Ram Kumar Mishra, PCMA, is present. The Adjudicating Authority had already initiated CIRP against the Corporate Debtor, 'N.S. Paper Ltd.', vide order dated 9th July, 2019, in CP NO.(IB)395/ALD/2018 and appointed Sh. Pankaj Mahajan as an IRP.

## Facts

The case involves Punjab National Bank (PNB) as the Financial Creditor and 'N.S. Paper Ltd.' as the Corporate Debtor. The Adjudicating Authority had already initiated Corporate Insolvency Resolution Process (CIRP) against 'N.S. Paper Ltd.' via an order dated July 9, 2019, under CP NO.(IB)395/ALD/2018, and appointed Sh. Pankaj Mahajan as the Interim Resolution Professional (IRP). Due to this prior initiation of CIRP, the present IB petition has become infructuous. The Financial Creditor is now at liberty to file its claim before the IRP.

## Issues and analysis

### Issue 1: Whether the present IB petition is maintainable given the prior initiation of CIRP against the …

**Ratio:** A subsequent petition for initiation of CIRP is not maintainable if CIRP has already been

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**Reasoning:** The court reasoned that since CIRP had already been initiated against 'N.S. Paper Ltd.'

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**Interpretation:** This interprets the provisions of the Insolvency and Bankruptcy Code (IBC) to

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**Application:** The ratio and reasoning are applied to the facts of the case, where CIRP had

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## Parties

- **Judges:** Saroj Ra…; ABNI RANJAN KUMAR…
- **Appellants:** Punjab National…
- **Respondents:** N.S. Pape…; N.S. Papers…

## Timeline

- **2019-07-09 — CIRP Init…**: Adjudicating Authority initiated CIRP against 'N.S. Paper Ltd.' under CP…
- **2019-07-09 — IRP Appoi…**: Sh. Pankaj Mahajan was appointed as the…

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