# In the matter of Real Value Promoters Private Limited CP(IB)-215(CHE)-2022

> NCLT judgment dated 2023-05-10. Citation: TCN-2023-NCLT-03413. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 10 May 2023
- **Citation:** TCN-2023-NCLT-03413
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/real-value-promoters-private-limited-cpib-215che-2022-0a001531

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by ASK Investment Managers Limited, the Financial Creditor, against Real Value Promoters Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total amount of Rs.2,29,04,09,761/- as outstanding which is due and payable by the Corporate Debtor. Another Operational Creditor had initiated CIRP against the Corporate Debtor vide IBA/577/2020, which has been admitted by this Tribunal vide order dated 10.05.2023. The Corporate Insolvency Resolution Process (CIRP) has been initiated against the

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## Facts

ASK Investment Managers Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Real Value Promoters Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total amount of Rs.2,29,04,09,761/- as outstanding which is due and payable by the Corporate Debtor. Another Operational Creditor had initiated CIRP against the Corporate Debtor vide IBA/577/2020, which has been admitted by this Tribunal vide order dated 10.05.2023. Mr.Mahalingam Suresh Kumar has been appointed as Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, should be …

**Ratio:** The principle is that when another CIRP has already been initiated against the same

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**Reasoning:** The court reasoned that since another CIRP has already been initiated against the

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**Interpretation:** This interpretation ensures that all claims against the Corporate Debtor are

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**Application:** The court applied this principle by directing ASK Investment Managers Limited

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Appellants:** ASK Investment…
- **Respondents:** Real Value…

## Timeline

- **N/A — Application…**: ASK Investment Managers Limited filed an application under Section 7 of the Insolvency…
- **N/A — Claim by Financial…**: ASK Investment Managers Limited claimed Rs.2,29,04,09,761/- as outstanding dues from Real…

## 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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