# 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-05225. 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-05225
- **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-ad3007f2

## 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, the petitioner/financial creditor, filed a petition against SRS Real Estate Ltd., the respondent/corporate debtor, under Section 7 of the IBC, 2016. However, SRS Real Estate Ltd. had already been admitted into CIRP by an order dated 22.12.2022 passed by the same bench in CP (IB) No. 167/Chd/Hry/2020, titled LIC Housing Finance Limited Vs. SRS Real Estate Limited. The court noted this existing CIRP and considered the present petition to be infructuous.

## Issues and analysis

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

**Ratio:** A subsequent petition for initiation of CIRP against a corporate debtor already

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**Reasoning:** The court reasoned that since the Corporate Debtor was already undergoing CIRP based on a

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**Interpretation:** The interpretation is that once CIRP has been initiated against a corporate

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**Application:** In this case, since SRS Real Estate Ltd. was already undergoing CIRP based on

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## Parties

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

## Timeline

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

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