We propose a multilingual phone recognition system using common multilingual phone-set (Multi-PRS) derived from IPA based labelling convention, which offers seamless decoding of the code-switched speech. We show that this approach is superior to a more conventional front-end language-identification (LID)-switched monolingual phone recognition (LID-Mono) trained individually on each of the languages present in multilingual dataset. The state-of-the-art i-vectors are used to perform LID. We address the problem of efficient speech recognition for bilingual code-switching. We analyse the differences between LID-Mono and proposed Multi-PRS, by showing that the LID-Mono approach suffers due to a trade-off between two conflicting factors - the need for short windows for detecting code-switching at a high time resolution and the need for long windows needed for reliable language identification - which limits the overall performance of the LID-Mono system that suffers with high PERs at small windows (poor LID performance) and mismatched decoding conditions at long windows (due to poor code-switching detection time resolution). We show that the Multi-PRS, by virtue of not having to do a front-end LID switching and by using a multilingual phone-set, is not constrained by these conflicting factors and hence performs effectively on code-switched speech, offering low PERs than the LID-Mono system.