# In the matter Suzuki Textiiles Ltd. CP No. (IB) 93-9-JPR-2021

> NCLT judgment dated 2022-02-18. Citation: TCN-2022-NCLT-04059. The case involves Manglam Yarn Agencies as the Operational Creditor and Suzuki Textiles Ltd. as…

- **Court:** NCLT
- **Order date:** 18 Feb 2022
- **Citation:** TCN-2022-NCLT-04059
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/in-the-matter-suzuki-textiiles-ltd-cp-no-ib-93-9-jpr-2021-aa210b5a

## Summary

### Background

The case involves Manglam Yarn Agencies as the Operational Creditor and Suzuki Textiles Ltd. as the Corporate Debtor. The matter was heard by the National Company Law Tribunal (NCLT), Jaipur Bench, through video conferencing. The Operational Creditor's counsel appeared, while no one appeared for the Corporate Debtor. It was brought to the tribunal's attention that a Corporate Insolvency Resolution Process (CIRP) had already been initiated against Suzuki Textiles Ltd. in another case (CP No. (IB)-275/9/JPR/2019) involving M/s Sangam (India) Ltd. as the operational creditor, with an order dated 2022-01-31.

## Facts

Manglam Yarn Agencies filed a case against Suzuki Textiles Ltd. under Section 9 of the IBC, 2016, as an Operational Creditor. During the proceedings, it was revealed that a CIRP had already been initiated against Suzuki Textiles Ltd. in CP No. (IB)-275/9/JPR/2019 by M/s Sangam (India) Ltd., with an order dated 2022-01-31. The counsel for the Operational Creditor, Akanksha Noval, appeared, while no one appeared for the Corporate Debtor. The existence of the prior CIRP is a key fact that influenced the tribunal's decision to direct the Operational Creditor to submit their claim to the IRP/RP of the existing CIRP.

## Issues and analysis

### Issue 1: Whether the present claim by Manglam Yarn Agencies against Suzuki Textiles Ltd. should be …

**Ratio:** The principle of avoiding multiplicity of proceedings and ensuring efficient resolution

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**Reasoning:** The court reasoned that since a CIRP was already initiated against the Corporate Debtor,

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**Interpretation:** The interpretation of insolvency laws emphasizes consolidation of claims within

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**Application:** Given the fact that a CIRP was already initiated against Suzuki Textiles Ltd.

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## Parties

- **Judges:** Deep Chandr…; RaghuNa…
- **Appellants:** Manglam Yarn…
- **Respondents:** Suzuki Textiles…

## Timeline

- **2019-01-01 — CIRP Initiation by M/s…**: CIRP initiated against Suzuki Textiles Ltd. by M/s Sangam (India) Ltd. in CP No.…
- **2022-01-31 — Order in CP No.…**: Order passed in CP No. (IB)-275/9/JPR/2019 (M/s Sangam (India) Ltd. Vs. M/s Suzuki…

## 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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