In the matter of Varsha Corporation Limited Cp (Ib) 3861-MB-2019
Case brief
What is this about?
The Tribunal held that a petition filed for CIRP became infructuous since a CIRP had already been initiated against the same Corporate Debtor in a separate proceeding.
What did the court decide?
The petition is disposed off and the petitioner is at liberty to file claim with the IRP in the earlier proceeding.
What the court decided
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-I
CP (IB) 3861/MB/2019
Item 01 of Cause List dated 02.05.2022
U/S 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
In the matter of
Shweta Shah
301/2, Sulsa Society Ratilal R., Thakkar Marg, Walkeshwar, Mumbai- 400006
…Financial Creditor/Petitioner
Versus
Varsha Corporation Limited
Varsha, 13 Adarsh Society, Ramchandra Lane Extention, Malad (West), Mumbai- 400064 (CIN: U24134MH2000PLC130217) …..Corporate Debtor
Order Delivered on 10.06.2022
Issues for consideration
1 issue framed by the court
Whether a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be initiated when CIRP is already underway against the same Corporate Debtor.
Parties & counsel
- petitioner
Shweta Shah
- respondent
Varsha Corporation Limited
Coram
Justice P.N. Deshmukh
Case details
As recorded by the court registry
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