In the matter of CMI Ltd.
- CitationCP(IB) 148-PB-2022
Ratio decidendi
The rule this decision rests on
A corporate insolvency resolution process cannot be initiated against a corporate debtor that is already undergoing a corporate insolvency resolution process; where a petition against the same corporate debtor has already been admitted and a CIRP initiated, a subsequent application under Section 9 is to be dismissed without examining the merits of the operational creditor's claim, with the claimant left to file its claim before the Insolvency Professional appointed in the admitted proceeding.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
NEW DELHI BENCH-VI IB-148/(PB)/2022 (Under Section 9 of the Insolvency and Bankruptcy Code, 2016 Read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016) IN THE MATTER OF: HD Wire Private Limited Registered Office at: 17-18-19-20 Sanwar Road Sector E Industrial Area Indore MP - 452015 …Applicant/Operational Creditor VERSUS M/s. CMI Limited Registered Office at: PD-II, Jhilmil Metro Station, Jhilmil Industrial Area, Delhi-110095 …Respondent/Corporate Debtor
Coram:
Shri. Bachu Venkat Balaram Das, Hon’ble Member (Judicial) Shri. Rahul Bhatnagar, Hon’ble Member (Technical)
IB-148/(PB)/2022
Counsel for OC: Mr. V.N. Dubey, Adv Counsel for CD: Mr. Sunil Fernandes, Ms. Priyadarshini Dewan, Ms. Niharika Tanwar and Ms. Diksha Dadu, Advs. ORDER PER: RAHUL BHATNAGAR, MEMBER (TECHNICAL)
Date 18.08.2023 1. The necessity of going into the merit of the claim made by the petitioner in above mentioned petition is obviated because in respect of the same Corporate Debtor NCLT, New Delhi Bench V has admitted another petition namely Canara Bank. v. M/S CMI Limited., [IB-820/PB/2022]. Vide order dated 28.07.2023, the said petition has been admitted and CIRP has been initiated. Therefore, Corporate Insolvency Resolution Process cannot be initiated against a corporate debtor that is already undergoing a corporate insolvency resolution process. However, needless to add, that the petitioners would be entitled to file their claim before the Insolvency Professional, namely Mr. Deepak Maini, (Email – Deepak.maini@insolvencyservices.in) having Registration Number IBBI/IPA-001/IP-P00676/2017-
IB-148/(PB)/2022
18/11149., in accordance with law which shall be duly considered.
2. The registry is directed to communicate a copy of the order to the Interim Resolution Professional, Operational Creditors and the Corporate Debtor immediately. 3. The above-mentioned petition is disposed off in the above terms.
SD/- SD/- (RAHUL BHATNAGAR) (BACHU VENKAT BALARAM DAS) MEMBER (TECHNICAL) MEMBER (JUDICIAL)
IB-148/(PB)/2022
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