In the matter of Badri Sarraf Jewels Pvt. Ltd.
- CitationIA-4943-2022 in (IB) – 3398(ND)-2019
Ratio decidendi
The rule this decision rests on
The Tribunal's reasoning rests on the principle that where an application is filed under a provision of the Insolvency and Bankruptcy Code, 2016 but its prayers are in substance directed at relief available under another provision, the Tribunal will look to the substance of the prayers rather than the label, and that an application seeking the same relief as an application already pending before the Tribunal between the same parties may be dismissed as duplicative rather than entertained afresh.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Order under Section 66(1) of the Insolvency and Bankruptcy Code, 2016 read with regulation 35A of the Insolvency and Bankruptcy Board of India Regulations, 2016.
IN THE MATTER OF: M/S SHRIJI DIAMONDS .…Operational Creditor VERSUS M/S BADRI SARAF JEWELS PVT LTD. …. Corporate Debtor
AND IN THE MATTER OF: RAJESH KUMAR GOEL .… Applicant/Resolution Professional
VERSUS MANU KESARWANI & ANR. …. Respondent/Suspended Directors
Order Pronounced On: 08.11.2023
CORAM: SHRI BACHU VENKAT BALARAM DAS, HON’BLE MEMBER (JUDICIAL) SHRI ATUL CHATURVEDI, HON'BLE MEMBER (TECHNICAL)
IA-4943/2022 In (IB) – 3398(ND)/2019
APPEARANCES: For RP : Ms. Muskaan Garg, Mr. Himanshu Goyal Advs.
ORDER PER: BACHU VENKAT BALARAM DAS, MEMBER (JUDICIAL)
This is an Application filed before this Adjudicating Authority Order under Section 66(1) of the Insolvency and Bankruptcy Code, 2016 read with regulation 35A of the Insolvency and Bankruptcy Board of India Regulations, 2016, for seeking the following reliefs: a) Allow the present Application b) Issue necessary directions to the Respondents under Section 66(1) of the Code to extend assistance and corporation to the Applicant and provide all the necessary documents related to the Corporate Debtor. c) Pass such other order/directions as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the case.”
The Adjudicating Authority (Bench-III) vide order dated 20.05.2022 was pleased to admit the Company Petition (IB)-3398(ND)/2019 filed by the M/s Shriji Diamonds (“Operational Creditor”), for initiating the CIRP under Section 9 of the Code against M/s. Badri Sarraf Jewels Pvt Ltd. (“Corporate Debtor”).
Analysis and Findings: i. We have heard the Ld. Counsel appearing for the Applicant and also perused the documents on record.
ii. Though this Application has been filed purportedly under Section 66(1) of Insolvency and Bankruptcy Code, 2016. The prayers in this Application show that the Application will fall under Section 19(2) and 19(3) of Insolvency and Bankruptcy Code, 2016.
IA-4943/2022 In (IB) – 3398(ND)/2019 iii. Further, from the perusal of record, we find that IA-2883/2022 has already been filed under Section 19(2) and 19(3) by Interim Resolution Professional with the following prayer: (a) Allow the present Application; (b) Issue necessary directions to the Respondents under Section 19(3) of the Code to extend assistance and cooperation to the Applicant and provide all the necessary documents related to the CD; (c) Direct the Respondents to provide specific and correct details of Auditor and Accountant/ Chartered Accountant of the Corporate Debtor; and/ or (d) Pass such other order/ directions as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the case.
iv. It is clear from the above that the prayer (b) in IA 4943/2022 and prayer (b) in IA 2883/2022 are the same. Therefore, we do not wish to entertain this Application as IA 2883/2022 is already pending before this Tribunal.
Order i. In light of the above facts and circumstances, the Application bearing IA- 4943/2022 filed under Section Order under Section 66(1) of the Insolvency and Bankruptcy Code, 2016 read with regulation 35A of the Insolvency and Bankruptcy Board of India Regulations, 2016 stands dismissed. No order as to costs.
Sd/- Sd/- ATUL CHATURVEDI BACHU VENKAT BALARAM DAS MEMBER (TECHNICAL) MEMBER (JUDICIAL)
IA-4943/2022 In (IB) – 3398(ND)/2019
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