# In the matter of Feedback Infra Private Limited

> NCLT judgment dated 2024-01-12. Citation: TCN-2024-NCLT-03128. IIFCL Asset Management Company Limited, the financial creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 12 Jan 2024
- **Citation:** TCN-2024-NCLT-03128
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/feedback-infra-private-limited-d22314cc

## Summary

### Background

IIFCL Asset Management Company Limited, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Feedback Infra Pvt. Ltd. The application was filed due to the corporate debtor's alleged default. However, another petition, Company Petition No. (IB)-545(ND)/2023, had already been admitted, and CIRP had commenced against the same corporate debtor.

## Facts

IIFCL Asset Management Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Feedback Infra Pvt. Ltd. The application was based on the corporate debtor's alleged default. However, prior to this application, Company Petition No. (IB)-545(ND)/2023 had already been admitted by the Tribunal, and CIRP had commenced against Feedback Infra Pvt. Ltd. Mr. Rajneesh Kumar Aggarwal was appointed as the Interim Resolution Professional (IRP) in the prior CIRP. The key fact is the existence of a prior, ongoing CIRP against the same corporate debtor, which influenced the court's decision to dispose of the current application while allowing the applicant to participate in the existing CIRP.

## Issues and analysis

### Issue 1: Whether the application filed by IIFCL Asset Management Company Limited under Section 7 of the IBC …

**Ratio:** When CIRP has already been initiated against a corporate debtor, a subsequent application

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**Reasoning:** The court reasoned that since CIRP had already commenced against Feedback Infra Pvt. Ltd.

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**Interpretation:** The interpretation is that the IBC framework prioritizes the efficient

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**Application:** The ratio and reasoning were applied to the specific facts by disposing of

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** IIFCL Asset…
- **Respondents:** M/s. Feedback…
- **Advocates:** Ankur M…; Yamini N…; +4 more

## Timeline

- **2023-01-01 — Company Petiti…**: IIFCL Asset Management Company Limited filed Company Petition No. (IB)-560(ND)/2023 under…
- **2024-01-11 — Prior Petition…**: Company Petition No. (IB)-545(ND)/2023 was admitted, and CIRP commenced against Feedback…

## 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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