# In the matter of Feedback Infra Private Limited

> NCLT judgment dated 2024-01-12. Citation: TCN-2024-NCLT-03100. IIFCL Asset Management Company Limited, as the Financial Creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 12 Jan 2024
- **Citation:** TCN-2024-NCLT-03100
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/feedback-infra-private-limited-fa430098

## Summary

### Background

IIFCL Asset Management Company Limited, as 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 under Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

## Facts

IIFCL Asset Management Company Limited, acting as a financial creditor, initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Feedback Infra Private Limited, the corporate debtor. The application aimed to trigger the Corporate Insolvency Resolution Process (CIRP). However, the NCLT noted that another petition, Company Petition No. (IB)-545(ND)/2023, had already been admitted against Feedback Infra Private Limited, and an Interim Resolution Professional (IRP), Mr. Rajneesh Kumar Aggarwal, had been appointed. Given the ongoing CIRP under the other petition, the NCLT disposed of the current application, granting IIFCL Asset Management Company Limited the liberty to file its claim with the IRP in the existing CIRP.

## Issues and analysis

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

**Ratio:** When a CIRP has already been initiated against a corporate debtor, and an IRP has been

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

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**Interpretation:** The interpretation of Section 7 of the IBC, 2016, in conjunction with the

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**Application:** In this case, the Tribunal applied the principle that a parallel CIRP should

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## Parties

- **Judges:** Sh. Ashok Kumar…; SUBRATA KUM…
- **Appellants:** IIFCL Asset…
- **Respondents:** Feedback Infra…; M/s. Feedback…

## Timeline

- **2023-01-01 — Company Petiti…**: IIFCL Asset Management Company Limited filed Company Petition No. (IB)-535(ND)/2023 under…
- **2024-01-11 — Order Passed in Another…**: Tribunal passed an order in Company Petition No. (IB)-545(ND)/2023 admitting the petition…

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