# In the matter of Veda Biofuel Ltd. CP(IB) No.67-9-HDB-2019

> NCLT judgment dated 2019-05-01. Citation: TCN-2019-NCLT-03576. The case involves a transfer petition before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 1 May 2019
- **Citation:** TCN-2019-NCLT-03576
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/veda-biofuel-ltd-cpib-no67-9-hdb-2019-605492e8

## Summary

### Background

The case involves a transfer petition before the National Company Law Tribunal (NCLT), Hyderabad. The petitioner's counsel stated that an Interim Resolution Professional (IRP) was appointed in CP No.423/9/HBD/2018. The corporate debtor in CP No.423/9/HDB/2018 and the present case (CP(IB) No.67/9/HDB/2019) are the same.

## Facts

The case involves a company petition, CP(IB) No.67/9/HDB/2019, filed before the NCLT Hyderabad. The petitioner is Swastik Sales and the respondent is Veda Biofuel Ltd. An IRP was already appointed in CP No.423/9/HDB/2018, and the corporate debtor in both CP No.423/9/HDB/2018 and CP(IB) No.67/9/HDB/2019 is the same. The petition was filed under Section 9 of the IBC. The petitioner's counsel stated that the corporate debtor in CP No.423/9/HDB/2018 and the present case are one and the same. The relevance of these facts is that the court is dealing with a situation where a CIRP is already in progress, and the current petition appears to be related to the same corporate debtor.

## Issues and analysis

### Issue 1: Whether CP(IB) No.67/9/HDB/2019 should be consolidated with the existing CIRP under CP …

**Ratio:** When multiple proceedings relate to the same corporate debtor, it is often more efficient

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**Reasoning:** The court reasoned that since the corporate debtor in CP No.423/9/HDB/2018 and CP(IB)

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**Interpretation:** This interpretation aligns with the objective of the IBC to provide a

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**Application:** In this case, the court applied this principle by directing the petitioners in

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## Parties

- **Judges:** K. Anantha…
- **Appellants:** Swastik…
- **Respondents:** Veda Biofu…

## Timeline

- **2019-05-01 — Hearing…**: Hearing held on…
- **2018-01-01 — Appointment…**: IRP was appointed in CP…

## 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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