# In the matter of Mideast Integrated Steels Ltd. IB-979-(PB)-2020

> NCLT judgment dated 2023-05-26. Citation: TCN-2023-NCLT-03157. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 26 May 2023
- **Citation:** TCN-2023-NCLT-03157
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mideast-integrated-steels-ltd-ib-979-pb-2020-0bcc3d9f

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Rajendra Kumar Sahoo against M/s. Mideast Integrated Steels Ltd, the Corporate Debtor. The Tribunal considered the petition but found that another petition, M/s. Silver Bank Ltd. v. M/s. Mideast Integrated Steels Ltd., [IB-21/ND/2022], had already been admitted against the same Corporate Debtor, and CIRP had been initiated.

## Facts

Mr. Rajendra Kumar Sahoo filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Mideast Integrated Steels Ltd. The Tribunal noted that another petition, M/s. Silver Bank Ltd. v. M/s. Mideast Integrated Steels Ltd., had already been admitted, and a Corporate Insolvency Resolution Process (CIRP) had been initiated against M/s. Mideast Integrated Steels Ltd. based on the earlier petition. The order for the prior petition was dated 2023-05-24. The Tribunal then dismissed Mr. Sahoo's petition, stating that a CIRP cannot be initiated against a corporate debtor already undergoing a CIRP. Mr. Sahoo was informed that he could file his claim with the Insolvency Professional, Mr. Atul Kumar Kansal.

## Issues and analysis

### Issue 1: Whether a Corporate Insolvency Resolution Process can be initiated against a corporate debtor when …

**Ratio:** A Corporate Insolvency Resolution Process cannot be initiated against a corporate debtor

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**Reasoning:** The Tribunal reasoned that initiating multiple CIRPs against the same corporate debtor

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code is that once a CIRP is

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**Application:** In this case, since M/s. Silver Bank Ltd.'s petition had already been admitted

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** Rajendra Kumar…
- **Respondents:** Mideast Integrated…

## Timeline

- **2023-05-24 — Order Date of Silver…**: The Tribunal admitted the petition of M/s. Silver Bank Ltd. against M/s. Mideast…
- **2023-05-26 — Order Date of Rajendra…**: The Tribunal dismissed the petition of Mr. Rajendra Kumar Sahoo against M/s. Mideast…

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