# In the matter of Karvy Data Management Services Ltd.

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01578. 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-01578
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karvy-data-management-services-ltd-c97b3637

## 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 Corporate Insolvency Resolution Process (CIRP) vide order dated 15.09.2023 in CP No.25/7/HDB/2022.

## Facts

M/s. Indpro Engineering Systems Pvt Ltd & 3 others is the Financial Creditor, and M/s. Karvy Data Management Services Ltd is the Corporate Debtor. The Corporate Debtor/Respondent has been admitted into CIRP vide order dated 15.09.2023 in CP No.25/7/HDB/2022. The petitioner is allowed to raise a claim before the IRP/RP. The IRP/RP is directed to examine the claim as per the provisions of the IBC. The Company Petition is disposed of with these directions.

## Issues and analysis

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

**Ratio:** A petitioner is entitled to raise a claim before the IRP/RP when a Corporate Debtor has

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

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**Interpretation:** This interpretation aligns with the objective of the IBC, which is to

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**Application:** The court applied this principle by explicitly stating that it leaves it open

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** M/s. Indpro…
- **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…**: Company Petition disposed of with directions to allow the petitioner to raise a claim…

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