# In the matter of Parinee Developers Private Limited CP (IB) No.4276-MB.II-2019

> NCLT judgment dated 2020-10-07. Citation: TCN-2020-NCLT-00435. National Realty Private Limited, the Financial Creditor, filed a Company Petition under Section…

- **Court:** NCLT
- **Order date:** 7 Oct 2020
- **Citation:** TCN-2020-NCLT-00435
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parinee-developers-private-limited-cp-ib-no4276-mbii-2019-b377d465

## Summary

### Background

National Realty Private Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Parinee Developers Private Limited, the Corporate Debtor. However, CIRP had already been initiated against the Corporate Debtor via an order dated 09.06.2020 in CP (IB) No.4147/MB.II/2019.

## Facts

National Realty Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Parinee Developers Private Limited (Corporate Debtor). The petition was filed because National Realty Private Limited is a creditor of Parinee Developers Private Limited. However, the Adjudicating Authority had already initiated CIRP against Parinee Developers Private Limited via an order dated 09.06.2020 in CP (IB) No.4147/MB.II/2019. Mr. Subhash Chandra Modi was appointed as the Interim Resolution Professional (IRP). The court dismissed the petition as infructuous, granting liberty to the Operational Creditor to file its claim before the IRP/RP and condoning any

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## Issues and analysis

### Issue 1: Whether the present petition under Section 7 of the IBC should be admitted given that CIRP has …

**Ratio:** A petition seeking initiation of CIRP is rendered infructuous if CIRP has already been

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**Reasoning:** The Adjudicating Authority reasoned that since CIRP had already been initiated against

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**Interpretation:** This interpretation clarifies that multiple CIRP proceedings against the same

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**Application:** Since CIRP had already been initiated against Parinee Developers Private

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** National Realty…
- **Respondents:** Parinee Developers…

## Timeline

- **2020-06-09 — Prior CIRP In…**: CIRP was initiated against Parinee Developers Private Limited via order in CP (IB)…
- **2020-10-07 — Order Pron…**: The present petition (CP (IB)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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