# In the matter of Karvy Data Management Services Ltd.

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01583. The case pertains to CP(IB) No. 401/7/HDB/2022 under Section 7 of the IBC, 2016. The Corporate…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01583
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karvy-data-management-services-ltd-3e959b25

## Summary

### Background

The case pertains to CP(IB) No. 401/7/HDB/2022 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

M/s. Mark & Steve Engineering Pvt Ltd filed a petition against Karvy Data Management Services Ltd under Section 7 of the IBC, 2016. The Corporate Debtor, Karvy Data Management Services Ltd, has already been admitted into CIRP vide order dated 15.09.2023 in CP No.25/7/HDB/2022. The Financial Creditor, M/s. Mark & Steve Engineering Pvt Ltd, is now seeking to raise a claim in the existing CIRP. The IRP/RP is directed to examine the claim as per the provisions of the Code. If the CIRP order in CP No.25/7/HDB/2022 is set aside, or the parties resolve the matter amicably and withdraw the said Company Petition, the petitioner 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 in the existing CIRP of …

**Ratio:** The principle is that when a Corporate Debtor is already undergoing CIRP, other creditors

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

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**Interpretation:** This means that all creditors, including the petitioner, have the right to

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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:** M/s. Mark & Steve…
- **Respondents:** Karvy Data…
- **Advocates:** Mr.V.V.S.…; S. Mru…

## Timeline

- **2023-09-15 — Order Da…**: Order passed in CP No. 25/7/HDB/2022…
- **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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