- (1.) This application is filed by applicant/financial creditor for initiating Corporate Insolvency Resolution Process under Sec.7 of the Insolvency & Bankruptcy Code, 2016 (from now on referred to I & B Code, 2016) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
(2.) It is pertinent to mention that the financial creditor has filed this application when notice was issued in a petition filed by the corporate debtor himself in CP No.349/KB/2017. After receiving the notice, financial creditor has filed this application under Sec.7 of the I & B Code. The application filed under Sec. 10 of I & B Code has been allowed for initiation of corporate insolvency process. Therefore, no second application against the same corporate debtor is maintainable. As such, the petitioner deserves to be dismissed. ] ORDER The petition filed by the applicant/financial creditor Axis Bank Ltd. is dismissed.;