# In the matter of Srabani Construction Private Limited C.P. (IB) No. 199-CB-2020

> NCLT judgment dated 2022-05-10. Citation: TCN-2022-NCLT-02796. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 10 May 2022
- **Citation:** TCN-2022-NCLT-02796
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srabani-construction-private-limited-cp-ib-no-199-cb-2020-6d777b90

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Indian Overseas Bank against Srabani Construction Private Limited. The application was initially filed under C.P (IB) No. 199/CB/2020. However, another petition, C.P (IB) No. 145/CTB/2019, filed by the same Financial Creditor against the same Corporate Debtor, was admitted earlier.

## Facts

Indian Overseas Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Srabani Construction Private Limited (Corporate Debtor). The case was registered as C.P (IB) No. 199/CB/2020. Prior to this, Indian Overseas Bank had filed another petition, C.P (IB) No. 145/CTB/2019, against the same Srabani Construction Private Limited, which was admitted by the court on 2022-04-21. Given the admission of the earlier petition, the court considered the subsequent petition, C.P (IB) No. 199/CB/2020, as infructuous. The relevance of the admission of the prior petition is that it triggers the insolvency resolution process, making any subsequent petitions by the same creditor against the same debtor redundant.

## Issues and analysis

### Issue 1: Whether the application C.P (IB) No. 199/CB/2020 is infructuous due to the prior admission of C.P …

**Ratio:** Once a petition for insolvency resolution is admitted, any subsequent petition by the

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**Reasoning:** The court reasoned that since C.P (IB) No. 145/CTB/2019 had already been admitted,

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**Interpretation:** The interpretation is that the insolvency resolution process is designed to be

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**Application:** In this case, the court applied the ratio by dismissing C.P (IB) No.

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Indian Overseas…
- **Respondents:** Srabani Constructi…

## Timeline

- **2022-04-21 — Admission of C.P (IB)…**: C.P (IB) No. 145/CTB/2019, filed by Indian Overseas Bank against Srabani Construction…
- **2022-05-06 — Order Res…**: The order in C.P (IB) No.…

## 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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