# In the matter of Sharma Kalypso Private Limited Company Petition No. IB-2142-ND-2019

> NCLT judgment dated 2020-01-10. Citation: TCN-2020-NCLT-02380. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with…

- **Court:** NCLT
- **Order date:** 10 Jan 2020
- **Citation:** TCN-2020-NCLT-02380
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sharma-kalypso-private-limited-company-petition-no-ib-2142-nd-2019-624a2af5

## Summary

### Background

The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Shri Mohan Lal, a Sole Proprietor in the Firm namely, M/s Sri Lakshmi Enterprises, seeking to initiate the Corporate Insolvency Resolution Process against M/s Sharma Kalypso Private Limited.

## Facts

Sri Lakshmi Enterprises, through its sole proprietor Shri Mohan Lal, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate a Corporate Insolvency Resolution Process (CIRP) against Sharma Kalypso Private Limited. The petition was filed because Sri Lakshmi Enterprises was an operational creditor to Sharma Kalypso Private Limited. However, the NCLT found that a CIRP had already been initiated against Sharma Kalypso Private Limited in another petition filed by Corporation Bank. Section 11 of the IBC prevents the initiation of another CIRP against a corporate debtor already undergoing a CIRP. The court disposed of the petition, allowing Sri Lakshmi Enterprises to file its claim with the IRP appointed in the existing CIRP and to revive its

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## Issues and analysis

### Issue 1: Whether another Corporate Insolvency Resolution Process can be initiated against a Corporate Debtor …

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

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**Reasoning:** The court reasoned that the provisions of Section 11 of the IBC Code, 2016, clearly state

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**Interpretation:** Section 11 of the IBC is interpreted to mean that once a CIRP has been

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**Application:** In this case, since a CIRP had already been initiated against Sharma Kalypso

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## Parties

- **Judges:** Ina Mal…; L. N. G…
- **Appellants:** Lakshmi Enterprise…
- **Respondents:** Sharma Kalypso…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No. IB-2142/ND/2019 filed by Sri Lakshmi Enterprises against Sharma…
- **2020-01-02 — Order in Another…**: Order dated 02.01.2020 passed in Corporation Bank Vs. M/s Sharma Kalypso Private Limited,…

## 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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