# In the matter of SA Rawther Spices Pvt. Ltd. C.P. (IB) No. 257-BB-2019

> NCLT judgment dated 2019-08-21. Citation: TCN-2019-NCLT-01877. Kotak Mahindra Bank Limited filed C.P. (IB) No.257/BB/2019 under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 21 Aug 2019
- **Citation:** TCN-2019-NCLT-01877
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sa-rawther-spices-pvt-ltd-cp-ib-no-257-bb-2019-98323e4f

## Summary

### Background

Kotak Mahindra Bank Limited filed C.P. (IB) No.257/BB/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against SA Rawther Spices Pvt. Ltd. The petition was based on the corporate debtor's alleged default of Rs.7,72,85,752.37 as on 09.05.2019 and individual loan default as on 09.05.2019 is Rs.1,49,86,052.30. The case was listed for admission on multiple dates and adjourned due to requests from the parties.

## Facts

Kotak Mahindra Bank Limited filed a petition (C.P. (IB) No.257/BB/2019) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SA Rawther Spices Pvt. Ltd., seeking to initiate CIRP. The basis for the petition was a claimed default of Rs.7,72,85,752.37 as on 09.05.2019 and individual loan default as on 09.05.2019 is Rs.1,49,86,052.30. Prior to this petition, C.P. (IB) No.159/BB/2019 had already been admitted against the same Corporate Debtor, initiating CIRP and appointing Ms.Subramaniam Aneetha as the Interim Resolution Professional (IRP). The Adjudicating Authority considered the fact that CIRP had already been initiated against the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether C.P. (IB) No.257/BB/2019 is maintainable given that CIRP has already been initiated against …

**Ratio:** A second petition for CIRP against a corporate debtor is not maintainable if CIRP has

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**Reasoning:** The court reasoned that since CIRP had already been initiated against SA Rawther Spices

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**Interpretation:** The interpretation is that once CIRP is initiated against a corporate debtor,

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**Application:** The court applied this principle to the facts of the case, noting that C.P.

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Kotak Mahindra…
- **Respondents:** SA Rawther Spices…

## Timeline

- **2019-05-09 — Date of D…**: SA Rawther Spices Pvt. Ltd. defaulted on a total amount of Rs.7,72,85,752.37/- and…
- **2019-07-04 — Case Listed for…**: The case was listed for…

## 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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