# In the matter of Karvy Data Management Services Limited

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01579. The case pertains to CP (IB) No. 293/7/HDB/2022 filed under Section 7 of the IBC, 2016. The…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01579
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karvy-data-management-services-limited-b2f51f0e

## Summary

### Background

The case pertains to CP (IB) No. 293/7/HDB/2022 filed under Section 7 of the IBC, 2016. The Corporate Debtor/Respondent has been admitted into CIRP vide order dated 15.09.2023 in CP No.25/7/HDB/2022.

## Facts

Pragati Fincap Limited filed a petition against M/s. Karvy Data Management Services Limited under Section 7 of the IBC, 2016. The Corporate Debtor/Respondent, Karvy Data Management Services Limited, was admitted into CIRP vide order dated 15.09.2023 in CP No.25/7/HDB/2022. The court allows Pragati Fincap Limited to raise a claim before the IRP/RP. The IRP/RP is directed to examine the claim as per the provisions of the Code. If the CIRP order is set aside or the parties resolve the matter amicably, Pragati Fincap Limited is at liberty to approach the Tribunal.

## Issues and analysis

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

**Ratio:** A financial creditor has the right to raise a claim before the IRP/RP after the corporate

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**Reasoning:** The court reasoned that since the Corporate Debtor/Respondent has been admitted into

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**Interpretation:** This interprets the rights of a financial creditor under the IBC after the

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**Application:** The court applied this principle by allowing Pragati Fincap Limited to raise a

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Pragati Fincap…
- **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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