# In the matter of SRS Real Estate Ltd. CP(IB) No. 561-Chd-Hry-2019

> NCLT judgment dated 2023-01-03. Citation: TCN-2023-NCLT-05224. 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-05224
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srs-real-estate-ltd-cpib-no-561-chd-hry-2019-9d6719b4

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016, by Himanshu Kumar Jha, the petitioner/financial creditor, against SRS Real Estate Ltd., the respondent/corporate debtor. The petition was filed as CP(IB) No. 561/Chd/Hry/2019 before the National Company Law Tribunal (NCLT), Chandigarh Bench. The corporate debtor 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

Himanshu Kumar Jha, the petitioner, filed a petition (CP(IB) No. 561/Chd/Hry/2019) under Section 7 of the IBC 2016 against SRS Real Estate Ltd., the corporate debtor. SRS Real Estate Ltd. had already been admitted into CIRP by the NCLT, Chandigarh Bench, via an order dated 22.12.2022 in CP (IB) No. 167/Chd/Hry/2020, in a case filed by LIC Housing Finance Limited. The present petition was deemed infructuous due to the existing CIRP. The petitioner's counsel was instructed to file any claims with the IRP.

## 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 the IBC framework aims to consolidate all claims and

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**Application:** In this case, the court applied the ratio by determining that the present

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Himanshu Ku…
- **Respondents:** SRS Real Estate…

## Timeline

- **2019-01-01 — Petition…**: CP(IB) No. 561/Chd/Hry/2019 filed by Himanshu…
- **2022-12-22 — CIRP Admi…**: SRS Real Estate Ltd. admitted to CIRP by order in CP (IB) No. 167/Chd/Hry/2020 (LIC…

## 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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