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

> NCLT judgment dated 2022-05-20. Citation: TCN-2022-NCLT-02689. 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-02689
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/simplex-projects-ltd-cp-ib-111kb2022-e654245c

## 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

Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Simplex Projects Ltd. However, CIRP had already been initiated against Simplex Projects Ltd vide order dated 27.04.2022 in CP(IBC)/56(KB)2019. The current application, C.P. (IB)/111(KB)2022, was therefore considered infructuous. The Financial Creditor, Axis Bank Limited, was advised to file its claim with the IRP already appointed.

## Issues and analysis

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

**Ratio:** When CIRP has already been initiated against a Corporate Debtor, a subsequent application

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**Reasoning:** The tribunal reasoned that since CIRP had already been initiated against Simplex Projects

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**Interpretation:** The interpretation is that multiple CIRP proceedings against the same Corporate

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**Application:** The ratio and reasoning were applied to the facts of the case, leading the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Axis Bank L…
- **Respondents:** Simplex Projects…

## Timeline

- **2019-01-01 — CP(IBC)/56(…**: CP(IBC)/56(KB)2019 was…
- **2022-04-27 — Order in CP(IBC)/56(KB)2…**: CIRP 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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