Disposed

In the matter of Sequel Buildcon Private Limited IB-558(ND)-2022

NCLT16 Jun 2023

Case brief

AI extract

What is this about?

The Tribunal disposed of an application for initiation of CIRP against the respondent since a CIRP was already pending under a different application in the same matter. The applicant was directed to file a claim in the existing proceedings.

What did the court decide?

Application disposed; applicant directed to file claim in pending CIRP; liberty to revive petition if earlier order set aside.

In the matter of Sequel Buildcon Private Limited… — Insolvency and Bankruptcy | NCLT (2023)

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THE NATIONAL COMPANY LAW TRIBUNAL

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NEW DELHI COURT-III

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IB-558(ND)/2022

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Order under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

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IN THE MATTER OF: M/s. ADITYA BIRLA FINANCE LIMITED

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... Applicant/Financial Creditor

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VERSUS

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M/s. SEQUEL BUILDCON PRIVATE LIMITED

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... Respondent/Corporate Debtor

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Order Pronounced On: 16.06.2023

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CORAM:

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SHRI BACHU VENKAT BALARAM DAS, HON'BLE MEMBER (JUDICIAL) SHRI ATUL CHATURVEDI, HON'BLE MEMBER (TECHNICAL)

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APPEARANCES:

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For the Applicant : Mr. Krishnendu Dutta, Sr. Adv., Mr. Varun Kalra, Mr. Shahan Ulla, Mr. Palash Singhai, Mr. Nikunj Mahajan, Advs.

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For the Respondent : Mr. Ashish Aggarwal, Mr. Gurcharan Singh, Advs.

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ORDER

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PER: BACHU VENKAT BALARAM DAS, MEMBER (JUDICIAL)

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1. In view of the order passed in the matter of IB-555(ND)/2021 titled as Mr. Neerav Bhatnagar vs. M/s. Sequel Buildcon Private Limited dated 16.06.2023 that the present Corporate Debtor i.e. M/s. Sequel Buildcon Private Limited has already been put under the Corporate Insolvency Resolution Process (“CIRP”) in terms of Section 7 of the IBC, 2016. In the said case Mr. Amarpal having address: C-2, Plot-50, Gyan Khand-II, Indirapuram, Ghaziabad has already been appointed by this Adjudicating Authority as

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M/s. Aditya Birla Finance Limited vs. M/s. Sequel Buildcon Private Limited IB-558(ND)/2022 Date of Order : 16.06.2023

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Interim Resolution Professional (“IRP”). His Email id is [email protected]. His Contact No. is +91-9717105008. His registration number is IBBI/IPA-001/IP-P-01584/20182019/12411.

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1. The Financial Creditor is therefore directed to file an appropriate claim before the said IRP for due Consideration in the CIRP proceedings of the Corporate Debtor i.e., M/s. Sequel Buildcon Private Limited. However, liberty is granted to the Financial Creditor to revive the present petition bearing IB-558(ND)/2022 in case the order dated 16.06.2023 passed in the IB-555(ND)/2021 is set aside by the Appellate Courts or the said Corporate Debtor enters into any type of settlement with the Financial Creditor in the matter i.e. IB-555(ND)/2021.

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