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

> NCLT judgment dated 2023-05-10. Citation: TCN-2023-NCLT-03415. ASK Investment Managers Limited, the Financial Creditor, filed an application under Section 7…

- **Court:** NCLT
- **Order date:** 10 May 2023
- **Citation:** TCN-2023-NCLT-03415
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/real-value-promoters-private-limited-cpib-215che-2022-d6f267c2

## Summary

### Background

ASK Investment Managers Limited, the Financial Creditor, filed an application 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, against Real Value Promoters Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed an outstanding amount of Rs. 229,04,09,761/-.

## Facts

ASK Investment Managers Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Real Value Promoters Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed an outstanding amount of Rs. 229,04,09,761/-. Prior to this application, another Operational Creditor had already initiated CIRP against the same Corporate Debtor under Section 9 of the IBC, which was admitted by the Tribunal, and an Interim Resolution Professional (IRP), Mr. Mahalingam Suresh Kumar, had been appointed. The order for the Section 9 application was dated 2023-05-10.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by ASK …

**Ratio:** When a Corporate Insolvency Resolution Process (CIRP) has already been initiated against

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**Reasoning:** The Tribunal noted that a CIRP had already been initiated against the Corporate Debtor

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**Interpretation:** The Insolvency and Bankruptcy Code, 2016, aims to consolidate and streamline

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**Application:** In this case, since a CIRP was already initiated by an Operational Creditor,

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## Parties

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

## Timeline

- **2023-05-10 — Order Pron…**: Order pronounced on May 10th, 2023, directing ASK Investment Managers Limited to file its…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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