In the matter of Unibera Developers Private Limited
- CitationIB-642(ND)/2022
Ratio decidendi
The rule this decision rests on
Where a Corporate Insolvency Resolution Process has already been initiated against a corporate debtor in another petition, a fresh application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the same corporate debtor cannot be entertained, because Section 11 bars the initiation of another corporate insolvency resolution process against a corporate debtor already undergoing one; the financial creditors in the later application are instead to file their claims with the insolvency resolution professional appointed in the earlier process. Where the process initiated in the earlier petition is terminated for any reason, the creditors of the later application may seek revival of their application.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
For the Applicant : Adv. Snigdha Lal For the Respondent : Adv. Aditya Gauri, Adv. Amar Vivek (IB)-642(ND)2022 Vinay Kushwaha & Ors. Vs Unibera Developers Pvt. Ltd.
ORDER
PER: SHRI L. N. GUPTA, MEMBER (T)
Mr. Vinay Kushwaha & Ors. (for brevity, the ‘Applicants/ Financial Creditors’) has filed the present application under the 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 M/s. Unibera Developers Private Limited (the ‘Respondent’).
2. The necessity of going into the merit of the claims made by the Applicants in the captioned Petition is obviated, as in respect of the same Corporate Debtor namely, M/s Unibera Developers Private Limited, this Bench has already initiated CIR Process under the IBC, 2016 in another Petition “(IB)-505(ND)2022 M/s. Mahi Buildhome Private Limited Vs. M/s. Unibera Developers Private Limited” vide Order dated 13.01.2023. As per the provisions contained in the Section 11 of the IBC Code, 2016, another Corporate Insolvency Resolution Process cannot be initiated against a Corporate Debtor, that is already undergoing a Corporate Insolvency Resolution Process.
3. Hence, the Financial Creditors of the present application (IB)- 642(ND)/2022 would be entitled to file their claims before the Insolvency Resolution Professional (IRP) Mr. Ashok Kumar Jalan (IB)-642(ND)2022 Vinay Kushwaha & Ors. Vs Unibera Developers Pvt. Ltd.
(Email:akjalan@jalanca.com) having Registration No. IBBI/IPA-001/IP- P00168/2017-18/10337, already appointed in C.P. No. (IB)- 505(ND)2022, in accordance with law, which shall be duly considered.
4. The Registry is directed to communicate a copy of this Order to the IRP Mr. Ashok Kumar Jalan (Email:akjalan@jalanca.com), Financial Creditors of (IB)-642(ND)/2022 and the Corporate Debtor immediately.
5. It is, however, made clear that if CIR Process initiated in the C.P. No. (IB)-505(ND)2022 is terminated for any reason, the Petitioners would be at liberty to seek revival of the present application.
6. The petition is disposed of in the abovesaid terms.
Sd/- Sd/- (L. N. GUPTA) (ASHOK KUMAR BHARDWAJ) MEMBER (T) MEMBER (J)
(IB)-642(ND)2022 Vinay Kushwaha & Ors. Vs Unibera Developers Pvt. Ltd.
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free