# In the matter of Unilec Engineers Ltd. IB-107(ND)-2022

> NCLT judgment dated 2022-05-27. Citation: TCN-2022-NCLT-02574. The case pertains to IB-107(ND)/2022, where the Financial Creditor sought to revive the…

- **Court:** NCLT
- **Order date:** 27 May 2022
- **Citation:** TCN-2022-NCLT-02574
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/unilec-engineers-ltd-ib-107nd-2022-0f3bfbad

## Summary

### Background

The case pertains to IB-107(ND)/2022, where the Financial Creditor sought to revive the petition against the Corporate Debtor, M/s. Unilec Engineer Limited. The Corporate Debtor was already under CIRP based on an order in IB-690/ND/2019. Mr. Tarachand Sharma was appointed as the Interim Resolution Professional (IRP).

## Facts

M/s. Omkar Assets Reconstruction Pvt Ltd is the Financial Creditor. Unilec Engineer Ltd. is the Corporate Debtor. The Corporate Debtor is already undergoing Corporate Insolvency Resolution Process (CIRP) under IB-690/ND/2019. Mr. Tarachand Sharma is the Interim Resolution Professional (IRP). The Financial Creditor filed IB-107(ND)/2022 seeking to revive the petition. The order dated 17.05.2022 was passed in the matter of IB-690/ND/2019. The present petition IB-107(ND)/2022 is disposed of with liberty to revive under certain conditions.

## Issues and analysis

### Issue 1: Whether the Financial Creditor can revive the petition IB-107(ND)/2022 against the Corporate …

**Ratio:** A petition can be revived if the order placing the Corporate Debtor under CIRP is set

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**Reasoning:** The court reasoned that since the Corporate Debtor is already undergoing CIRP, the

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**Interpretation:** This interprets the legal position that a parallel insolvency proceeding is

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**Application:** The court applied this principle by granting liberty to the Financial Creditor

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## Parties

- **Judges:** BACHU VENKAT…; NARNEDER KUMAR…
- **Appellants:** M/s. Omkar Assets…
- **Respondents:** Unilec Engineer…
- **Advocates:** Kunal God…

## Timeline

- **2022-05-17 — Order Da…**: Order passed in the…
- **2019-01-01 — Matter Ini…**: Matter of IB-690/ND/2019…

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