# In the matter of Trading Engineers (International) Limited C.A. 145-C-II-2020 in C.P. No. (IB)-1416(ND)-2019

> NCLT judgment dated 2020-01-15. Citation: TCN-2020-NCLT-02326. The case involves an application filed by Vivek Raheja, the Resolution Professional of Trading…

- **Court:** NCLT
- **Order date:** 15 Jan 2020
- **Citation:** TCN-2020-NCLT-02326
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/trading-engineers-international-limited-ca-145-c-ii-2020-in-cp-no-ib-1416nd-2019-121340c9

## Summary

### Background

The case involves an application filed by Vivek Raheja, the Resolution Professional of Trading Engineers (International) Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the closure of the Corporate Insolvency Resolution Process (CIRP). A prior CIRP had already been initiated against the same Corporate Debtor, Trading Engineers (International) Limited, based on an order dated 04.07.2019. Subsequently, another CIRP was initiated against the same Corporate Debtor vide order dated 17.12.2019 in another petition. The Tribunal noted that neither the IRP (Vivek Raheja) nor the suspended management of the Corporate Debtor informed the Tribunal about the existing CIRP.

## Facts

Vijay Purohit, the Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Trading Engineers (International) Limited, the Corporate Debtor. Vivek Raheja was appointed as the Resolution Professional (RP). The CIRP against Trading Engineers (International) Limited was initiated vide order dated 04.07.2019. Subsequently, another CIRP was initiated against the same Corporate Debtor vide order dated 17.12.2019 in another petition, with Kanti Mohan Rustagi appointed as the Interim Resolution Professional (IRP). Neither Vivek Raheja nor the suspended management of Trading Engineers (International) Limited informed the Tribunal about the existing CIRP. The application in question was filed by Vivek Raheja under Section 60(5) of the Insolvency and

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## Issues and analysis

### Issue 1: Whether the CIRP initiated vide Order dated 17.12.2019 in IB-2334(ND/2019) should be closed given …

**Ratio:** The legal principle applied is that a second CIRP against the same Corporate Debtor is

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**Reasoning:** The court reasoned that the initiation of a second CIRP against the same Corporate Debtor

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**Interpretation:** The interpretation of Section 60(5) of the Insolvency and Bankruptcy Code,

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where a

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## Parties

- **Judges:** Ina Mal…; L. N. G…
- **Appellants:** Vijay Pu…
- **Respondents:** Trading Engineers…; Kanti Mohan…

## Timeline

- **2019-07-04 — Initiation…**: CIRP initiated against Trading Engineers (International) Limited vide order dated…
- **2019-12-17 — Initiation of Second…**: Another CIRP initiated against the same…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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