# In the matter of Punj Lloyd Ltd. (IB)-570(PB)-2019

> NCLT judgment dated 2019-03-08. Citation: TCN-2019-NCLT-04529. The case involves Jagannath Corporation Projects Pvt Ltd. as the petitioner/applicant and Punj…

- **Court:** NCLT
- **Order date:** 8 Mar 2019
- **Citation:** TCN-2019-NCLT-04529
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/punj-lloyd-ltd-ib-570pb-2019-a0b0bf4f

## Summary

### Background

The case involves Jagannath Corporation Projects Pvt Ltd. as the petitioner/applicant and Punj Lloyd Ltd. as the respondent. The matter pertains to Section 7 of the Insolvency & Bankruptcy Code. The Corporate Insolvency Resolution Process had already been initiated in a connected matter, C.P. No. (IB)-731(PB)/2018, ICICI Bank Ltd. v. Punj Llyod Ltd.

## Facts

Jagannath Corporation Projects Pvt Ltd. filed a case against Punj Lloyd Ltd. under Section 7 of the Insolvency & Bankruptcy Code. A connected matter, C.P. No. (IB)-731(PB)/2018, involved ICICI Bank Ltd. against Punj Llyod Ltd., where the Corporate Insolvency Resolution Process had already been initiated. The order pronounced on 08.03.2019 allows the petitioners to file their claims before the Resolution Professional, to be considered according to law. The order also stipulates that if the order dated 08.03.2019 in C.P. No. (IB)-731(PB)/2018 is set aside, the parties can file for revival of the petition. C.P. No. (IB)-570(PB)/2019, C.P. No. (IB)-319(PB)/2019, and CP. No. 414(PB)/2019 were disposed of.

## Issues and analysis

### Issue 1: Whether the petitioners' claims should be …

**Ratio:** Claims should be considered

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**Reasoning:** The court directed that the petitioners may file their claim before the Resolution

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**Interpretation:** This implies that the Resolution Professional is obligated to review and assess

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**Application:** Jagannath Corporation Projects Pvt Ltd., as the petitioner, is entitled to

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Jagannath…
- **Respondents:** Punj Lloy…

## Timeline

- **2018-01-01 — Connected…**: C.P. No. (IB)-731(PB)/2018, ICICI Bank Ltd. v. Punj Llyod Ltd., Corporate Insolvency…
- **2019-03-08 — Order Pron…**: Order pronounced regarding the filing of claims before the Resolution Professional and…

## 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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