In the matter of Feedback Infra Private Limited
- CitationCompany Petition No. (IB)-560(ND)-2023
Ratio decidendi
The rule this decision rests on
The Tribunal disposes of a Section 7 application, where a separate Section 7 petition against the same corporate debtor has already been admitted and a CIRP commenced, by holding that once a CIRP has commenced in respect of a corporate debtor, the other creditors of that debtor may stake their claims before the Interim Resolution Professional appointed in those proceedings rather than maintaining a separate initiation application. Liberty to revive the separate application is preserved, but only if the commenced CIRP terminates without approval of a resolution plan or without liquidation or dissolution, and the circumstances so warrant.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
PRESENT: For the Applicant : Adv. Ankur Mittal, Adv. Yamini Naruka For the Respondent : Mr. P. Nagesh Sr. Adv, Adv. Vipul Wadhwa, Adv. Akshay Sharma and Adv. Kashika Gera (IB)-560(ND)2023 IIFCL Asset Management Company Ltd. vs Feedback Infra Pvt. Ltd.
ORDER
IIFCL Asset Management Company Limited (for brevity, the ‘Applicants/ Financial Creditors’) has filed the present application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity, the ‘IBC, 2016’) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 with a prayer to initiate the Corporate Insolvency process against Feedback Infra Pvt. Ltd. (the ‘Respondent’).
2. By way of the present application, the Applicant has sought initiation of CIRP qua Ms. Feedback Infra Pvt. Ltd. Indubitably, the object of IBC, 2016, and the proceedings in terms of the provisions of Section 7 of the Code is to put the CD back to its feet and rescue it. Once CIRP qua a particular company stands commenced in terms of the provision of Section 5(12) of IBC, 2016, it is open to all the Creditors to stake their claim before the IRP in the proceedings already commenced. In the present case, in Company Petition No. (IB)-545(ND)/2023, this Tribunal has already passed order dated 11.01.2024 admitting the said Petition and directing commencement of CIRP qua the CD. Mr. Rajneesh Kumar Aggarwal, having Registration No. IBBI/IPA-001/IP-P00886/2017- 18/11483 has already been appointed as IRP to conduct CIRP in respect of the CD.
3. In the wake, the present application is disposed of with liberty to Applicant to stake its claim before Mr. Rajneesh Kumar Agarwal, IRP.
(IB)-560(ND)2023 IIFCL Asset Management Company Ltd. vs Feedback Infra Pvt. Ltd.
It is made clear that if, at any stage, the aforementioned CIRP terminates, without approval of any Resolution Plan or Liquidation/Dissolution and the circumstances so warrant, the Applicant would be entitled to revive the present proceedings.
Sd/- Sd/- (SUBRATA KUMAR DASH) (ASHOK KUMAR BHARDWAJ) MEMBER (T) MEMBER (J)
(IB)-560(ND)2023 IIFCL Asset Management Company Ltd. vs Feedback Infra Pvt. Ltd.
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