# In the matter of JBF Industries Ltd.

> NCLT judgment dated 2024-04-05. Citation: TCN-2024-NCLT-01823. The case pertains to proceedings under Section 9 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 5 Apr 2024
- **Citation:** TCN-2024-NCLT-01823
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jbf-industries-ltd-e4841349

## Summary

### Background

The case pertains to proceedings under Section 9 of the Insolvency and Bankruptcy Code (IBC). The applicant, Saudi Basic Industries Corporation, filed an application against the respondent, JBF Industries Ltd. for initiating Corporate Insolvency Resolution Process (CIRP).

## Facts

Saudi Basic Industries Corporation filed an application under Section 9 of the IBC against JBF Industries Ltd. seeking to initiate CIRP. However, the applicant's counsel informed the court that CIRP against JBF Industries Ltd. had already been admitted in another application. This made the current application infructuous because the insolvency resolution process was already underway. The court considered this information and proceeded to dismiss the application.

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC should be dismissed if CIRP has already been …

**Ratio:** When CIRP has already been initiated against a Corporate Debtor in another application, a

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

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**Interpretation:** The interpretation is that the IBC aims to consolidate insolvency proceedings

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**Application:** In this case, the court applied the principle that a subsequent application for

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Saudi Basic…
- **Respondents:** JBF Industries…

## Timeline

- **N/A — Application…**: Saudi Basic Industries Corporation filed an application under Section 9 of the IBC…
- **2024-05-04 — Order Del…**: The court dismissed the application as infructuous because CIRP had already been…

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