# In the matter of Vipul Limited (IB)-541(ND)2019

> NCLT judgment dated 2020-01-16. Citation: TCN-2020-NCLT-02300. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with…

- **Court:** NCLT
- **Order date:** 16 Jan 2020
- **Citation:** TCN-2020-NCLT-02300
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vipul-limited-ib-541nd2019-93a8c2fb

## Summary

### Background

The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by M/s. Vipul Greens Residents Welfare Association, a registered Resident Welfare Association, through its Authorized Representatives Mr. Sunil Chopra and Mr. Sameer Kohli, seeking to initiate the Corporate Insolvency process against M/s Vipul Ltd.

## Facts

M/s Vipul Greens Residents Welfare Association filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency process against M/s Vipul Ltd. The Financial Creditor, M/s Vipul Greens Residents Welfare Association, is a registered Resident Welfare Association. The petition was supported by a Board Resolution dated 03.02.2019. However, the court noted that a CIRP had already been initiated against the same Corporate Debtor, M/s. Vipul Limited, in another petition, namely M/s Shambhu Agencies Pvt. Ltd. Vs Vipul. Ltd., [IB-3051/(ND)/2019], vide Order dated 15.01.2020. The key fact is the existence of a prior CIRP against the same Corporate Debtor, which influenced the court's decision.

## Issues and analysis

### Issue 1: Whether another Corporate Insolvency Resolution Process can be initiated against a Corporate Debtor …

**Ratio:** As per the provisions contained in Section 11 of the IBC Code, 2016, another Corporate

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**Reasoning:** The court reasoned that initiating another CIRP against a Corporate Debtor already

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**Interpretation:** Section 11 of the IBC Code, 2016, is interpreted to mean that once a Corporate

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**Application:** The court applied the ratio to the facts of the case, noting that a CIRP had

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## Parties

- **Judges:** Ina Mal…; L. N. G…
- **Appellants:** M/S VIPUL GREENS…
- **Respondents:** VIPUL LI…; M/s. Vipu…

## Timeline

- **2019-02-03 — Board Reso…**: Board Resolution passed by M/s. Vipul Greens Residents Welfare Association authorizing…
- **2020-01-15 — Order in IB-3051/(ND)/20…**: Order dated 15.01.2020 passed in the matter of M/s Shambhu Agencies Pvt. Ltd. Vs Vipul.…

## 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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