# In the matter of Sharma Kalypso Private Limited Company Petition No. IB-2256-ND-2019

> NCLT judgment dated 2020-01-10. Citation: TCN-2020-NCLT-02382. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 10 Jan 2020
- **Citation:** TCN-2020-NCLT-02382
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sharma-kalypso-private-limited-company-petition-no-ib-2256-nd-2019-62643c6e

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Shri Sharavan Ram, a sole proprietor of Lakshyadeep Trading Co., seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sharma Kalypso Private Limited. However, a prior CIRP had already been initiated against the same Corporate Debtor under another petition, Corporation Bank Vs. Sharma Kalypso Private Limited, [IB-1887/(ND)/2019].

## Facts

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.

## Issues and analysis

### Issue 1: Whether a fresh Corporate Insolvency Resolution Process (CIRP) can be initiated against a Corporate …

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

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**Reasoning:** The court reasoned that allowing multiple CIRPs against the same Corporate Debtor would

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**Interpretation:** Section 11 is interpreted strictly to prevent parallel CIRP proceedings against

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**Application:** In this case, since a CIRP was already initiated against Sharma Kalypso Private

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## Parties

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

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No. IB-2256/ND/2019 filed by Shri Sharavan Ram against Sharma Kalypso…
- **2020-01-02 — Order for Pri…**: Order dated 02.01.2020 passed in IB-1887/(ND)/2019, initiating CIRP against Sharma…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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