# In the matter of Swastik Ceracon Ltd. C.P. (I.B) No. 503-9-NCLT-AHM-2018

> NCLT judgment dated 2019-09-06. Citation: TCN-2019-NCLT-01531. The case pertains to CP (IB) No. 503/9/NCLT/AHM/2018 before the Ahmedabad Bench of the National…

- **Court:** NCLT
- **Order date:** 6 Sept 2019
- **Citation:** TCN-2019-NCLT-01531
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/swastik-ceracon-ltd-cp-ib-no-503-9-nclt-ahm-2018-6b046d60

## Summary

### Background

The case pertains to CP (IB) No. 503/9/NCLT/AHM/2018 before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). The matter involves Colorobbia Chemicals India Pvt Ltd V/s Swastik Ceracon Ltd. An order was previously passed in CP (IB) 175/9/NCLT/AHM/2018 on January 15, 2019, initiating Corporate Insolvency Resolution Process (CIRP) for Swasik Ceracon Ltd. and appointing an Interim Resolution Professional.

## Facts

Colorobbia Chemicals India Pvt Ltd filed a case against Swastik Ceracon Ltd. under Section 9 of the Insolvency and Bankruptcy Code. A prior order dated January 15, 2019, in CP (IB) 175/9/NCLT/AHM/2018 had already initiated Corporate Insolvency Resolution Process (CIRP) for Swastik Ceracon Ltd. and appointed an Interim Resolution Professional. Due to this prior order, the subsequent order dated 26.07.2019 passed in CP (IB) 503 of 2018 became infructuous. The respondent was represented through its Ld. Counsel, Mr. Arjun Sheth.

## Issues and analysis

### Issue 1: Whether the order dated 26.07.2019 passed in CP (IB) 503 of 2018 should be recalled given the prior …

**Ratio:** When a Corporate Insolvency Resolution Process (CIRP) has already been initiated against

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**Reasoning:** The court reasoned that since CIRP had already been initiated against Swasik Ceracon Ltd.

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**Interpretation:** This highlights the principle that once CIRP is initiated, it takes precedence,

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**Application:** The ratio was applied to the fact that CIRP was already underway for Swasik

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Colorobbia…
- **Respondents:** Swastik Ceracon…
- **Advocates:** Arjun Ri…; lerina R. P…; +1 more

## Timeline

- **2019-01-15 — Order Pa…**: An order was passed in CP (IB) 175/9/NCLT/AHM/2018 initiating Corporate Insolvency…
- **2019-07-26 — Order Pa…**: An order was passed in CP (IB) 503 of…

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