# 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-02798. Indian Overseas Bank filed an application under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 May 2022
- **Citation:** TCN-2022-NCLT-02798
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srabani-construction-private-limited-cp-ib-no-199-cb-2020-956e2814

## Summary

### Background

Indian Overseas Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Srabani Construction Private Limited. The application was related to Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petition was initially filed as C.P (IB) No. 199/CB/2020.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the application filed by Indian Overseas Bank under Section 7 of the Insolvency and …

**Ratio:** When a prior application for insolvency resolution against a corporate debtor has already

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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 can only be

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

## Timeline

- **2022-04-21 — Order of Ad…**: Order of admission passed in…
- **2022-05-06 — Order Res…**: Order reserved on…

## 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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