# In the matter of Sharma Kalypso Private Limited Company Petition No. IB-2255-ND-2019

> NCLT judgment dated 2020-01-10. Citation: TCN-2020-NCLT-02377. 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-02377
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sharma-kalypso-private-limited-company-petition-no-ib-2255-nd-2019-6465be06

## 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 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.

## Facts

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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## Issues and analysis

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

**Ratio:** Section 11 of the IBC Code, 2016, prohibits the initiation of another Corporate

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**Reasoning:** The court reasoned that initiating another CIRP against a Corporate Debtor already

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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:** The court applied this principle to the present case, noting that since a CIRP

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## Parties

- **Judges:** Ina Mal…; L. N. G…
- **Appellants:** Shyamlal…
- **Respondents:** M/s Sharma…

## Timeline

- **2019-01-01 — Filing of Company…**: Company Petition No. IB-2255/ND/2019 filed by Shri Shyamlal Dewasi against M/s Sharma…
- **2020-01-02 — Order in IB-1887/(ND)/20…**: 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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