Indian Overseas Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Srabani Construction Private Limited, the corporate debtor. The case was registered as C.P (IB) No. 199/CB/2020. Prior to this case, another petition, C.P (IB) No.145/CTB/2019, had already been admitted. The court found that the admission of the prior petition rendered the subsequent petition infructuous. The relevance of the prior admission is that it initiated the insolvency resolution process for the same corporate debtor, making a parallel process under the subsequent petition unnecessary and legally untenable.

Indian Overseas Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Srabani Construction Private Limited, the corporate debtor. The case was registered as C.P (IB) No. 199/CB/2020. Prior to this case, another petition, C.P (IB) No.145/CTB/2019, had already been admitted. The court found that the admission of the prior petition rendered the subsequent petition infructuous. The relevance of the prior admission is that it initiated the insolvency resolution process for the same corporate debtor, making a parallel process under the subsequent petition unnecessary and legally untenable.