# In the matter of SRS Real Estate Ltd. CP(IB) No. 560-Chd-Hry-2019

> NCLT judgment dated 2023-01-03. Citation: TCN-2023-NCLT-05216. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC)…

- **Court:** NCLT
- **Order date:** 3 Jan 2023
- **Citation:** TCN-2023-NCLT-05216
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srs-real-estate-ltd-cpib-no-560-chd-hry-2019-5ea3782d

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016. The Corporate Debtor, SRS Real Estate Ltd., had already been admitted into Corporate Insolvency Resolution Process (CIRP) by an order dated 22.12.2022 in CP (IB) No. 167/Chd/Hry/2020, titled LIC Housing Finance Limited Vs. SRS Real Estate Limited.

## Facts

Anupam Saxena filed a petition against SRS Real Estate Ltd. under Section 7 of the IBC, 2016. However, SRS Real Estate Ltd. was already admitted into CIRP by order dated 22.12.2022 in CP (IB) No. 167/Chd/Hry/2020, in a case filed by LIC Housing Finance Limited. This prior admission to CIRP rendered Anupam Saxena's petition infructuous.

## Issues and analysis

### Issue 1: Whether the present petition under Section 7 of IBC is maintainable when the Corporate Debtor has …

**Ratio:** A fresh CIRP cannot be initiated against a Corporate Debtor if it is already undergoing

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**Reasoning:** The court reasoned that initiating another CIRP would be redundant and inefficient, as

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**Interpretation:** The interpretation of IBC is that once a CIRP is initiated and a moratorium is

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**Application:** In this case, since SRS Real Estate Ltd. was already admitted into CIRP by

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Anupam S…
- **Respondents:** SRS Real Estate…

## Timeline

- **2022-12-22 — Previous CIRP…**: SRS Real Estate Ltd. was admitted into CIRP by order dated 22.12.2022 in CP (IB) No.…
- **2023-01-03 — Order Da…**: The present petition was…

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