# In the matter of VSP Udyog Pvt. Ltd. CP (IB) No. 469-KB-2019

> NCLT judgment dated 2019-08-22. Citation: TCN-2019-NCLT-01864. The case involves Kunal Finance & Credit Pvt. Ltd. & Anr. Vs. VSP Udyog Pvt. Ltd. under Section…

- **Court:** NCLT
- **Order date:** 22 Aug 2019
- **Citation:** TCN-2019-NCLT-01864
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vsp-udyog-pvt-ltd-cp-ib-no-469-kb-2019-549a7c47

## Summary

### Background

The case involves Kunal Finance & Credit Pvt. Ltd. & Anr. Vs. VSP Udyog Pvt. Ltd. under Section 7 of the IBC. An application was filed, but the Corporate Debtor, V.S.P. Udyog Pvt. Ltd., had already been admitted under the Corporate Insolvency Resolution Process in CP(IB) No. 1221/KB/2018.

## Facts

Kunal Finance & Credit Pvt. Ltd. filed an application against VSP Udyog Pvt. Ltd. under Section 7 of the IBC. The Corporate Debtor, V.S.P. Udyog Pvt. Ltd., had already been admitted under the Corporate Insolvency Resolution Process in CP(IB) No. 1221/KB/2018. The counsel appearing for the IRP submitted that an order dated 07/08/2019 was passed in CP(IB) No. 1221/KB/2018 (S. Sen & Sons vs- V.S.P. Udyog Pvt. Ltd.).

## Issues and analysis

### Issue 1: Whether the application filed by Kunal Finance & Credit Pvt. Ltd. is maintainable given that …

**Ratio:** An application is not maintainable if the Corporate Debtor has already been admitted

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**Reasoning:** The court reasoned that since V.S.P. Udyog Pvt. Ltd. had already been admitted under the

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**Interpretation:** Section 11 of the I&B Code, 2016, restricts the initiation of fresh

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**Application:** The court applied the ratio to the facts by noting that V.S.P. Udyog Pvt. Ltd.

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Kunal Finance &…
- **Respondents:** V.S.P. Udyog Pvt.…

## Timeline

- **2019-08-22 — Hearing…**: Hearing held on August…
- **2019-08-07 — Order in CP(IB) No.…**: Order dated 07/08/2019 passed in CP(IB) No. 1221/KB/2018 (S. Sen & Sons vs- V.S.P. Udyog…

## 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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