# In the matter of India Sport Flashes Pvt.  Ltd. IA-1173-ND-2022 in IB-2693-ND-2019

> NCLT judgment dated 2022-04-26. Citation: TCN-2022-NCLT-03057. The case involves an application (IA/1173/ND/2022) moved on behalf of Mr. Rahul Khanna, the IRP…

- **Court:** NCLT
- **Order date:** 26 Apr 2022
- **Citation:** TCN-2022-NCLT-03057
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/india-sport-flashes-pvt-ltd-ia-1173-nd-2022-in-ib-2693-nd-2019-95330a63

## Summary

### Background

The case involves an application (IA/1173/ND/2022) moved on behalf of Mr. Rahul Khanna, the IRP appointed in IB/2693/ND/2019, where CIRP proceedings were initiated against M/s India Sport Flashes Pvt Ltd. It appears that CIRP proceedings were already initiated against the same Corporate Debtor (India Sport Flashes Pvt Ltd) in another application (IB/460/ND/2020) filed by K.DH Travels Pvt. Ltd. Two IRPs were appointed for the same Corporate Debtor. The court noted that since CIRP proceedings were already initiated, there was no need to appoint another IRP.

## Facts

CIRP proceedings were initiated against M/s India Sport Flashes Pvt Ltd under IB/2693/ND/2019, and Mr. Rahul Khanna was appointed as the IRP. Subsequently, it was discovered that CIRP proceedings had already been initiated against the same Corporate Debtor under IB/460/ND/2020, filed by K.DH Travels Pvt. Ltd. This resulted in the appointment of two IRPs for the same Corporate Debtor. Mr. Prabhat Ranjan Singh was later appointed as IRP on the request of the CoC. The court noted the duplication and the fact that CIRP proceedings were already in progress. The key fact is the existence of two parallel CIRP processes for the same corporate debtor, which is legally problematic.

## Issues and analysis

### Issue 1: Whether the appointment of a second IRP for the same Corporate Debtor, when CIRP proceedings are …

**Ratio:** The principle is that once CIRP proceedings have been initiated against a Corporate

…

**Reasoning:** The court reasoned that the initiation of CIRP proceedings under IB/460/ND/2020 already

…

**Interpretation:** The interpretation is that the IBC aims for a single, consolidated resolution

…

**Application:** In this case, the court applied the principle by recognizing that the CIRP

…

## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** Manoj Srivastava…
- **Respondents:** India Sport…

## Timeline

- **2021-09-16 — Order Da…**: CIRP proceedings were ordered to be initiated against M/s India Sport Flashes Pvt Ltd…
- **2021-08-11 — Order Da…**: Earlier vide order date 11.08.2021 CIRP proceedings were ordered to be initiated against…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/india-sport-flashes-pvt-ltd-ia-1173-nd-2022-in-ib-2693-nd-2019-95330a63