2019 (9) TMI 1575 - Tri - Insolvency and Bankruptcy

Maintainability of CIRP against a Corporate Debtor who is already Undergoing another CIRP - HELD THAT - As per the provisions of Section 11 of I B Code 2016 another Corporate Insolvency Process cannot be initiated against a corporate debtor that is undergoing a corporate insolvency resolution process. However it is needless to add that the applicants would be entitled to file their claim before the Insolvency Professional in accordance with law which shall be duly considered. Application disposed off.

Summary

The judgment by the National Company Law Tribunal, New Delhi Bench in 2019 (9) TMI 1575 states that a new insolvency process cannot be initiated against a corporate debtor already undergoing resolution. The applicants can file their claims with the appointed Insolvency Professional, Mr. Gautam Singhal. The order is to be communicated to relevant parties.