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

> NCLT judgment dated 2022-05-27. Citation: TCN-2022-NCLT-02578. The case involves M/s. Omkar Assets Reconstruction Pvt Ltd as the applicant/petitioner and…

- **Court:** NCLT
- **Order date:** 27 May 2022
- **Citation:** TCN-2022-NCLT-02578
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/unilec-engineers-ltd-ib-107nd-2022-e5a5dd63

## Summary

### Background

The case involves M/s. Omkar Assets Reconstruction Pvt Ltd as the applicant/petitioner and Unilec Engineer Ltd. as the respondent. The order pertains to IB-107(ND)/2022. The Corporate Debtor, Unilec Engineer Limited, has already been put under CIRP under Section 9 of the IBC, as per the order dated 17.05.2022 in the matter of IB-690/ND/2019. Mr. Tarachand Sharma is the Interim Resolution Professional.

## Facts

M/s. Omkar Assets Reconstruction Pvt Ltd filed a petition against Unilec Engineer Ltd. The petition is numbered IB-107(ND)/2022. Unilec Engineer Ltd., the Corporate Debtor, is already undergoing Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC). This CIRP was initiated based on an order dated 17.05.2022 in the matter of IB-690/ND/2019. Mr. Tarachand Sharma is the Interim Resolution Professional (IRP) appointed in the CIRP. The Financial Creditor is now directed to file their claim with the IRP. The Financial Creditor retains the right to revive petition IB-107(ND)/2022 if the order initiating CIRP (17.05.2022 in IB-690/ND/2019) is overturned by appellate courts or if a settlement is reached between the Corporate

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## Issues and analysis

### Issue 1: Whether the Financial Creditor should file their claim with the Interim Resolution Professional …

**Ratio:** The principle is that when a Corporate Debtor is undergoing CIRP, all claims against the

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**Reasoning:** The court reasoned that since Unilec Engineer Limited is already under CIRP, the

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**Interpretation:** This ensures all creditors are treated equitably and the resolution process is

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**Application:** The court directed the Financial Creditor to file their claim with Mr.

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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 — Previous…**: Order dated 17.05.2022 passed in the matter of IB-690/ND/2019, placing Unilec Engineer…
- **2022-05-27 — Order Del…**: Order delivered disposing of the present petition IB-107(ND)/2022 and directing the…

## 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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