# In the matter of Modern Syntex (India) Ltd. CP No. (IB)- 330-9-JPR-2019

> NCLT judgment dated 2022-04-22. Citation: TCN-2022-NCLT-03120. The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated against M/s…

- **Court:** NCLT
- **Order date:** 22 Apr 2022
- **Citation:** TCN-2022-NCLT-03120
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/modern-syntex-india-ltd-cp-no-ib-330-9-jpr-2019-2e094314

## Summary

### Background

The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated against M/s Modern Syntex (India) Ltd. The matter is before the National Company Law Tribunal (NCLT), Jaipur Bench. CIRP has already been initiated against the Corporate Debtor in CP No. (IB) 397(PB)2018, i.e., Administrator of Specified Undertaking of Unit Trust of India Vs. Modern Syntex (India) Limited, vide order dated 28.03.2022.

## Facts

Central Warehousing Corporation filed a case against M/s Modern Syntex (India) Ltd. & Anr. The case is under Section 9 of IBC, 2016. Neither the Operational Creditor nor the Corporate Debtor appeared for the hearing. CIRP had already been initiated against the Corporate Debtor in CP No. (IB) 397(PB)2018, i.e., Administrator of Specified Undertaking of Unit Trust of India Vs. Modern Syntex (India) Limited, vide order dated 28.03.2022. The Registry is directed to inform the learned counsel for the Petitioner that he may put forth his claim before the IRP/ RP who shall duly consider the same. The CP is disposed of accordingly.

## Issues and analysis

### Issue 1: Whether the claim of the Operational Creditor should be considered in light of the ongoing CIRP …

**Ratio:** When a CIRP has already been initiated against a corporate debtor, any claims against the

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**Reasoning:** The court noted that CIRP had already been initiated against the Corporate Debtor.

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**Interpretation:** The Insolvency and Bankruptcy Code (IBC) provides a mechanism for resolving

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**Application:** Since CIRP was already initiated against M/s Modern Syntex (India) Ltd., the

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Appellants:** Central Warehousin…
- **Respondents:** M/S MODERN SYNTEX…

## Timeline

- **2022-03-28 — Order Date of CIRP…**: CIRP initiated against the Corporate Debtor in CP No. (IB) 397(PB)2018, i.e.,…
- **2022-04-22 — Order Da…**: NCLT directs the Registry to inform the petitioner's counsel to present their claim…

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