2023 (1) TMI 1257 - Tri - Insolvency and Bankruptcy

Necessity of going into the merit of the claim made by the petitioner - in respect of the same Corporate Debtor another petition admitted - HELD THAT - Corporate Insolvency Resolution Process cannot be initiated against a Corporate Debtor that is undergoing a corporate insolvency resolution process. However needless to add the Petitioner would be entitled to file its claim before the Insolvency Professional namely Mr. Shaikh Nafis Anjum (Email Id [email protected]) Reg. No IBBI/IPA-003/IP-N00211/2018- 2019/12363 in accordance with law which shall be duly considered. Petition disposed off.

Summary

The judgment states that a petition for Corporate Insolvency Resolution Process is not allowed for a Corporate Debtor already undergoing the process. The petitioner can file a claim with the Insolvency Professional for consideration. The order has been communicated to relevant parties.