# In the matter of Punj Lloyd Ltd. (IB)-728(PB)-2019

> NCLT judgment dated 2019-03-26. Citation: TCN-2019-NCLT-04343. The case involves a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 26 Mar 2019
- **Citation:** TCN-2019-NCLT-04343
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/punj-lloyd-ltd-ib-728pb-2019-9f84ed4f

## Summary

### Background

The case involves a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against a corporate debtor, where a similar petition has already been admitted by the bench. ICICI Bank Limited had a case against Punj Llyod Limited, [(IB)-731(PB)/2018] vide order dated 08.03.2019.

## Facts

Padwick Properties Ltd filed a petition against Punj Lloyd Ltd under Section 9 of the Insolvency & Bankruptcy Code, 2016. However, a petition under Section 7 of the same code had already been admitted against Punj Lloyd Ltd by ICICI Bank Limited, vide order dated 08.03.2019. Section 11 of the Code, 2016, prohibits initiating another Corporate Insolvency Process against a corporate debtor already undergoing such a process. The petitioners were informed that they could file their claim before the Insolvency Professional, Mr. Gaurav Gupta. The court dismissed Padwick Properties' petition as infructuous, but allowed them to revive it if the earlier order was set aside by the Appellate Tribunal.

## Issues and analysis

### Issue 1: Whether another Corporate Insolvency Process can be initiated against a corporate debtor already …

**Ratio:** Section 11 of the Insolvency and Bankruptcy Code, 2016, prohibits the initiation of

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**Reasoning:** The court reasoned that initiating another insolvency process would be redundant and

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**Interpretation:** Section 11 is interpreted to mean that once a corporate debtor is subject to a

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**Application:** Since Punj Lloyd Ltd was already undergoing a CIRP initiated by ICICI Bank

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Padwick Properties…
- **Respondents:** Punj Lloy…
- **Advocates:** Sumeet…; Sidhant K…; +2 more

## Timeline

- **2019-03-08 — Order by ICICI Bank…**: ICICI Bank Limited's petition against Punj…
- **2019-03-26 — Order del…**: Order delivered on the matter of Padwick…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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