Shri Sharavan Ram, a sole proprietor of Lakshyadeep Trading Co., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sharma Kalypso Private Limited. The petition was filed due to an alleged default in payment. However, the NCLT noted that a CIRP had already been initiated against Sharma Kalypso Private Limited in another petition filed by Corporation Bank (IB-1887/(ND)/2019). The order for the prior CIRP was dated 2020-01-02. Section 11 of the IBC prohibits the initiation of another CIRP against a corporate debtor already undergoing CIRP. The operational creditor, Shri Sharavan Ram, was directed to file their claim with the IRP appointed in the existing CIRP.

Shri Sharavan Ram, a sole proprietor of Lakshyadeep Trading Co., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sharma Kalypso Private Limited. The petition was filed due to an alleged default in payment. However, the NCLT noted that a CIRP had already been initiated against Sharma Kalypso Private Limited in another petition filed by Corporation Bank (IB-1887/(ND)/2019). The order for the prior CIRP was dated 2020-01-02. Section 11 of the IBC prohibits the initiation of another CIRP against a corporate debtor already undergoing CIRP. The operational creditor, Shri Sharavan Ram, was directed to file their claim with the IRP appointed in the existing CIRP.