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Judgment
PER SHRI L. N. GUPTA, MEMBER (T)
The present Petition is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by M/s. Vipul Greens Residents Welfare Association, which is a registered Resident Welfare Association having Registration No. DR/GGN/147 (for brevity 'Financial Creditor'), through its Authorized Representative Mr. Sunil Chopra, President and Mr. Sameer Kohli, General Secretary. They are duly authorized vide their Board Resolution dated 03.02.2019, with a prayer to initiate the Corporate Insolvency process against M/s Vipul Ltd. (for brevity 'Corporate Debtor').
The necessity of going into the merit of the claim made by the Petitioner in the above-mentioned Petition is obviated as in respect of the same Corporate Debtor namely, M/s. Vipul Limited, this Bench has initiated CIR Process under IBC in another Petition namely, M/s Shambhu Agencies Pvt. Ltd. Vs Vipul. Ltd., [IB-3051/(ND)/2019], vide Order dated 15.01.2020. 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 has already been undergoing a Corporate Insolvency Resolution Process.
Hence, the Financial Creditor would be entitled to file their claim before the Insolvency Resolution Professional (IRP) Mr. Shashi Agarwal having Registration No. IBBI-/IPA-001/IP-P00470/2017-18/10813, Email: [email protected] already appointed in the C.P. No. IB-3051/(ND)/2019, in accordance with law which shall be duly considered.
The Registry is directed to communicate a copy of this Order to the IRP, Financial Creditor and the Corporate Debtor immediately.
It is, however, made clear that if CIR process initiated in the C.P. No. IB-3051/(ND)/2019 is terminated for any reason, the Petitioner would be at liberty to seek revival of the present application.
The petition is disposed off in the above terms.