# In the matter of Southern Investment Pvt.  Ltd . IBA-769-2020

> NCLT judgment dated 2021-03-26. Citation: TCN-2021-NCLT-02549. The case involves a petition under IBA/769/2020. The petitioner did not appear. The tribunal…

- **Court:** NCLT
- **Order date:** 26 Mar 2021
- **Citation:** TCN-2021-NCLT-02549
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/southern-investment-pvt-ltd-iba-769-2020-995438dc

## Summary

### Background

The case involves a petition under IBA/769/2020. The petitioner did not appear. The tribunal noted that in IBA/146/2020, a petition against the Corporate Debtor was admitted, and CIRP was initiated on 2021-03-16 in the matter of Baiju Cheriyan -Vs- Southern Investments Pvt. Ltd.

## Facts

The case is related to petition IBA/769/2020. The petitioner was absent during the hearing. The tribunal noted that a separate petition, IBA/146/2020, against the Corporate Debtor, Southern Investments Pvt. Ltd., had already been admitted, and CIRP was initiated on 2021-03-16. The petitioner is Dr. M R Chandran & 1 Another. The tribunal directed the petitioner to file their claim with the appointed IRP, Ms. Y. N. Ramachandran. The petition was then closed, with the petitioner retaining the right to approach the tribunal if the order is set aside by the Appellate Authority. The relevant section is Sec 7 of IBC 2016.

## Issues and analysis

### Issue 1: Whether the petitioner should be directed to file their claim with the IRP given the ongoing CIRP …

**Ratio:** When a CIRP has already been initiated against a Corporate Debtor, any claims against the

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**Reasoning:** The tribunal reasoned that since CIRP was already initiated against Southern Investments

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**Interpretation:** This interpretation ensures that all claims against a Corporate Debtor

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**Application:** The tribunal applied this principle by directing Dr. M R Chandran & 1

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** Dr M R Chandran &…
- **Respondents:** Southern Investmen…

## Timeline

- **2021-03-26 — Hearing…**: Hearing of the Chennai Bench of the…
- **2021-03-16 — CIRP Init…**: CIRP initiated against Southern…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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