# In the matter of SNS Starch Ltd. Company Petition IB-53-2021

> NCLT judgment dated 2022-03-22. Citation: TCN-2022-NCLT-03605. Company Petition IB/53/2021 was filed under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 22 Mar 2022
- **Citation:** TCN-2022-NCLT-03605
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sns-starch-ltd-company-petition-ib-53-2021-ac83cd42

## Summary

### Background

Company Petition IB/53/2021 was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition involves Sri Lakshmi Venkateswara Traders as the operational creditor and SNS Starch Ltd as the corporate debtor. The corporate debtor has already been admitted into Corporate Insolvency Resolution Process (CIRP) under CP (IB) No.663/9/HDB/2019.

## Facts

Sri Lakshmi Venkateswara Traders filed a Company Petition (IB/53/2021) against SNS Starch Ltd under Section 9 of the IBC, 2016. SNS Starch Ltd, the corporate debtor, is already undergoing Corporate Insolvency Resolution Process (CIRP) under CP (IB) No.663/9/HDB/2019. The operational creditor was not represented during the hearing. Learned Proxy Counsel Ms.Divya appeared for the corporate debtor via video conference. The court disposed of the petition, granting the operational creditor the liberty to seek restoration of the petition if the operational creditor in CP No.663/9/HDB/2019 withdraws the said Company Petition under a settlement.

## Issues and analysis

### Issue 1: Whether the Company Petition IB/53/2021 should be admitted given that the Corporate Debtor is …

**Ratio:** A fresh insolvency petition may not be maintainable when the corporate debtor is already

…

**Reasoning:** The court considered that the corporate debtor, SNS Starch Ltd, is already undergoing

…

**Interpretation:** The principle is that parallel CIRP proceedings against the same corporate

…

**Application:** Given that SNS Starch Ltd was already undergoing CIRP, the court decided not to

…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Lakshmi Venkateswa…
- **Respondents:** SNS Starc…

## Timeline

- **2022-03-22 — Hearing…**: Attendance cum order sheet of the hearing held on 22-03-2022 at 10:30 A.M. through video…
- **2019-01-01 — CIRP Comm…**: Corporate debtor put into CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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