# In the matter of SRK Devbuild Pvt. Ltd.  TP 175-2019 {CP(IB) 553-2018}

> NCLT judgment dated 2020-06-11. Citation: TCN-2020-NCLT-01188. The case involves Munnalal Pannalal Construction Pvt Ltd V/s SRK Devbuild Pvt Ltd before the…

- **Court:** NCLT
- **Order date:** 11 Jun 2020
- **Citation:** TCN-2020-NCLT-01188
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/srk-devbuild-pvt-ltd-tp-175-2019-cpib-553-2018-109bc361

## Summary

### Background

The case involves Munnalal Pannalal Construction Pvt Ltd V/s SRK Devbuild Pvt Ltd before the National Company Law Tribunal (NCLT), Indore Bench at Ahmedabad. The matter pertains to an application under Section 9 of the Insolvency & Bankruptcy Code. The hearing took place on June 11, 2020.

## Facts

The case involves Munnalal Pannalal Construction Pvt Ltd as the Operational Creditor and SRK Devbuild Pvt Ltd as the Corporate Debtor. The matter was brought before the NCLT, Indore Bench, under Section 9 of the Insolvency & Bankruptcy Code. During the proceedings, it was brought to the court's notice that a CIRP had already been initiated against the Corporate Debtor, SRK Devbuild Pvt Ltd, via an order dated 03.01.2020 in CP (IB) 370 of 2018. This existing CIRP significantly influenced the court's decision.

## Issues and analysis

### Issue 1: Whether the current proceeding under Section 9 of the Insolvency & Bankruptcy Code should …

**Ratio:** The legal principle applied is that when a CIRP has already been initiated against a

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**Reasoning:** The court reasoned that since a CIRP was already in progress against the Corporate

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**Interpretation:** The interpretation is that the existence of a prior CIRP takes precedence, and

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**Application:** The court applied this principle by disposing of the current proceeding,

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Munnalal Pannalal…
- **Respondents:** SRK Devbuild Pvt…

## Timeline

- **2020-01-03 — CIRP Init…**: CIRP against the Corporate Debtor was initiated vide order dated 03.01.2020 in CP (IB)…
- **2020-06-11 — Hearing…**: Hearing of the Indore Bench of the National…

## 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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