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 Shyamlal Dewasi, a Sole Proprietor, to initiate the Corporate Insolvency Resolution Process against M/s Sharma Kalypso Private Limited. However, the necessity of considering the claim's merit was obviated because a CIRP had already been initiated against the same Corporate Debtor in another petition, Corporation Bank Vs. M/s Sharma Kalypso Private Limited, [IB-1887/(ND)/2019], vide Order dated 02.01.2020.
Shri Shyamlal Dewasi, a sole proprietor operating as M/s Sri Ram Trading Co., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Sharma Kalypso Private Limited. The petition was filed because M/s Sharma Kalypso Private Limited allegedly defaulted on its debt obligations to Shri Shyamlal Dewasi. However, the NCLT noted that a CIRP had already been initiated against M/s 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 one. The court disposed of the petition, allowing the operational creditor to file their claim with the IRP in the
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Company Petition No. IB-2255/ND/2019 filed by…
Order dated 02.01.2020 passed in Corporation…
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 Shyamlal Dewasi, a Sole Proprietor, to initiate the Corporate Insolvency Resolution Process against M/s Sharma Kalypso Private Limited. However, the necessity of considering the claim's merit was obviated because a CIRP had already been initiated against the same Corporate Debtor in another petition, Corporation Bank Vs. M/s Sharma Kalypso Private Limited, [IB-1887/(ND)/2019], vide Order dated 02.01.2020.
Shri Shyamlal Dewasi, a sole proprietor operating as M/s Sri Ram Trading Co., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Sharma Kalypso Private Limited. The petition was filed because M/s Sharma Kalypso Private Limited allegedly defaulted on its debt obligations to Shri Shyamlal Dewasi. However, the NCLT noted that a CIRP had already been initiated against M/s 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 one. The court disposed of the petition, allowing the operational creditor to file their claim with the IRP in the
…Company Petition No. IB-2255/ND/2019 filed by…
Order dated 02.01.2020 passed in Corporation…