- (1.) Ld. Counsel for the operational creditor and the corporate debtor are present. Operational creditor has filed this petition u/s. 9 of the Insolvency and Bankruptcy Code, 2016 (l&B Code) for initiation of corporate insolvency resolution process against M/s. Stesalit Limited. It is pertinent to mention that in C.P. (IB No. 512/KB/2017 which is u/s. 9 has been admitted against the same corporate debtor. Corporate debtor is already under insolvency process.
(2.) As another insolvency process against the same corporate debtor is not maintainable, hence, the petition is dismissed. However, petitioner may file his claim before the Insolvency Resolution Professional.;