# In the matter of Karvy Data Management Services Limited

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01607. The case pertains to CP(IB) No.189/7/HDB/2022 under Section 7 of the IBC, 2016. The Corporate…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01607
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karvy-data-management-services-limited-2c207606

## Summary

### Background

The case pertains to CP(IB) No.189/7/HDB/2022 under Section 7 of the IBC, 2016. The Corporate Debtor/Respondent was admitted into CIRP vide order dated 15.09.2023 in CP No.25/7/HDB/2022.

## Facts

Bank of Baroda, the Financial Creditor, filed a Company Petition against M/s Karvy Data Management Service Ltd, the Corporate Debtor. The Corporate Debtor was admitted into CIRP vide order dated 15.09.2023 in CP No.25/7/HDB/2022. The petitioner is now allowed to raise a claim before the IRP/RP. The IRP/RP is directed to examine the same as per the provisions of the Code. The court also addressed the scenario where the CIRP order is set aside or the parties resolve the matter amicably, in which case the petitioner is at liberty to approach the Tribunal in accordance with law. The relevance of the CIRP admission is that it impacts the process for claim resolution.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to raise a claim before the IRP/RP, given that the …

**Ratio:** The legal principle is that creditors have the right to raise claims during the CIRP

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**Reasoning:** The court reasoned that since the Corporate Debtor has been admitted into CIRP, the

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**Interpretation:** This interprets the IB Code to mean that all creditors, including the

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**Application:** The court applied this principle by allowing the petitioner to raise their

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Bank of B…
- **Respondents:** M/s Karvy Data…

## Timeline

- **2023-09-15 — CIRP Admi…**: Corporate Debtor/Respondent admitted into CIRP vide order dated 15.09.2023 in CP…
- **2023-09-15 — Order Da…**: Attendance cum order sheet of the…

## 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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