# In the matter of Punj Lloyd Ltd. (IB)-753(PB)-2019

> NCLT judgment dated 2019-03-27. Citation: TCN-2019-NCLT-04329. ITW welding Italy S.r. 1- Division PWT filed a petition against Punj Lloyd Ltd. under Section 7…

- **Court:** NCLT
- **Order date:** 27 Mar 2019
- **Citation:** TCN-2019-NCLT-04329
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/punj-lloyd-ltd-ib-753pb-2019-007f2cb0

## Summary

### Background

ITW welding Italy S.r. 1- Division PWT filed a petition against Punj Lloyd Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. However, a prior petition against the same corporate debtor, ICICI Bank Limited v. Punj Llyod Limited, had already been admitted by the bench on 08.03.2019. The court noted that another Corporate Insolvency Process cannot be initiated against a corporate debtor already undergoing a corporate insolvency resolution process.

## Facts

ITW welding Italy S.r. 1- Division PWT filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Punj Lloyd Ltd. ICICI Bank Limited had already initiated a Corporate Insolvency Resolution Process (CIRP) against Punj Lloyd Ltd., and the petition was admitted on 08.03.2019. Section 11 of the Code prohibits the initiation of another CIRP against a corporate debtor already undergoing such a process. The court noted that the petitioners could file their claim before the Insolvency Professional, Mr. Gaurav Gupta. The Appellate Tribunal could potentially set aside the order dated 08.03.2019.

## 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

…

**Reasoning:** The court reasoned that allowing multiple CIRPs against the same corporate debtor would

…

**Interpretation:** Section 11 is interpreted to mean that once a CIRP has been initiated and

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**Application:** In this case, since ICICI Bank Limited had already initiated a CIRP against

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** ITW welding Italy…
- **Respondents:** Punj Lloy…
- **Advocates:** Ankur Mah…; Jayant Moha…

## Timeline

- **2019-03-08 — Prior Petition…**: ICICI Bank Limited's petition against…
- **2019-03-27 — Order Is…**: The NCLT dismissed the petition filed by…

## 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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