The Operational Creditor filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Bhagyoday Cotton Industries. However, it was brought to the court's notice that the Corporate Debtor, Bhagyoday Cotton Industries, had already been admitted into CIRP via an order dated 27.01.2020 in CP(IB)630/2019. The Operational Creditor is Shakti Refoils & agro Foods Products Pvt Ltd. The court considered this fact and disposed of the current proceeding, granting the Operational Creditor the liberty to approach the RP/IRP in the existing CIRP or to revive the disposed proceeding if the CIRP is set aside. The relevance of the fact that CIRP was already initiated is that it made the current proceeding redundant.

The Operational Creditor filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Bhagyoday Cotton Industries. However, it was brought to the court's notice that the Corporate Debtor, Bhagyoday Cotton Industries, had already been admitted into CIRP via an order dated 27.01.2020 in CP(IB)630/2019. The Operational Creditor is Shakti Refoils & agro Foods Products Pvt Ltd. The court considered this fact and disposed of the current proceeding, granting the Operational Creditor the liberty to approach the RP/IRP in the existing CIRP or to revive the disposed proceeding if the CIRP is set aside. The relevance of the fact that CIRP was already initiated is that it made the current proceeding redundant.