# In the matter of Simplex Projects Ltd. C.P. IB)-111(KB)2022

> NCLT judgment dated 2022-05-20. Citation: TCN-2022-NCLT-02686. The case pertains to C.P. (IB)/111(KB)2022 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 20 May 2022
- **Citation:** TCN-2022-NCLT-02686
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/simplex-projects-ltd-cp-ib-111kb2022-8b5f0424

## Summary

### Background

The case pertains to C.P. (IB)/111(KB)2022 before the National Company Law Tribunal, Kolkata Bench. An earlier order dated 27.04.2022 in CP(IBC)/56(KB)2019 had already initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.

## Facts

The matter concerns an application, C.P. (IB)/111(KB)2022, filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). An earlier application, CP(IBC)/56(KB)2019, had already resulted in the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Financial Creditor in the matter is Axis Bank Limited, and the Corporate Debtor is Simplex Projects Ltd. The order was passed on May 20, 2022. The counsel for the Financial Creditor, Mr. Vikram Wadehra, appeared. The tribunal noted that because CIRP had already been initiated, the current application was rendered infructuous.

## Issues and analysis

### Issue 1: Whether C.P. (IB)/111(KB)2022 is infructuous given the prior initiation of CIRP against the …

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

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**Reasoning:** The tribunal reasoned that since CIRP had already been initiated via CP(IBC)/56(KB)2019,

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**Interpretation:** The interpretation is that the IBC aims to resolve insolvency in a streamlined

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**Application:** In this case, the tribunal applied the ratio by dismissing C.P.

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Simplex Projects…

## Timeline

- **2019-01-01 — CP(IBC)/56(…**: Initiation of CIRP…
- **2022-04-27 — Order Da…**: Order dated 27.04.2022 in CP(IBC)/56(KB)2019, CIRP has already been initiated against the…

## 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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