# In the matter of Karvy Data Management Services Ltd.

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01582. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01582
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karvy-data-management-services-ltd-0b673dad

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor/Respondent has been admitted into the Corporate Insolvency Resolution Process (CIRP) vide order dated 15.09.2023 in CP No.25/7/HDB/2022.

## Facts

Bhagwati Capital Markets Pvt Ltd & Anr. filed a petition against Karvy Data Management Services Ltd. The Corporate Debtor/Respondent, Karvy Data Management Services Ltd, has been admitted into CIRP vide order dated 15.09.2023 in CP No.25/7/HDB/2022. The petitioner is now seeking to raise a claim before the IRP/RP. The court is addressing the disposal of the Company Petition and related IAs.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to raise a claim before the IRP/RP in light of the …

**Ratio:** The petitioner is entitled to raise a claim before the IRP/RP as per the procedure under

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**Reasoning:** The court acknowledges the Corporate Debtor's admission into CIRP and recognizes the

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**Interpretation:** This ensures that all creditors have an opportunity to present their claims and

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**Application:** The petitioner, Bhagwati Capital Markets Pvt Ltd & Anr., is explicitly

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Bhagwati Capital…
- **Respondents:** Karvy Data…

## Timeline

- **2023-09-15 — Admission in…**: Karvy Data Management Services Ltd admitted…
- **2023-09-15 — Hearing…**: 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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