# In the matter of Satyasankalp Buildcon LLP

> NCLT judgment dated 2024-03-13. Citation: TCN-2024-NCLT-02068. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 13 Mar 2024
- **Citation:** TCN-2024-NCLT-02068
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/satyasankalp-buildcon-llp-23a2f4b6

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Omkara Assets Reconstruction Private Limited (Applicant), the assignee of financial debt from Piramal Capital & Housing Finance Limited (formerly DHFL), against Satyasankalp Buildcon LLP (Corporate Debtor). The application pertains to a disbursed loan amount of Rs 680 crores, with a total default amount of Rs.575,95,05,818 as of 31 January 2023. The Corporate Debtor raised objections, citing parallel proceedings in NCLT Mumbai, inconsistencies in default dates, and suppression of material facts. The applicant became the successful resolution applicant of DHFL vide order dated 7th June, 2021 passed by the Hon'ble National Company Law Tribunal in the matter of

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## Facts

Omkara Assets Reconstruction Private Limited, the applicant, filed an application under Section 7 of the IBC against Satyasankalp Buildcon LLP, the corporate debtor, for a default on a loan. The applicant is the assignee of financial debt from Piramal Capital & Housing Finance Limited (formerly DHFL). The loan was originally disbursed by DHFL, with a sanctioned amount of Rs 680 crores. The total default amount was stated to be Rs.575,95,05,818 as of 31 January 2023. The corporate debtor raised objections, citing parallel proceedings in NCLT Mumbai, inconsistencies in default dates, and suppression of material facts. DHFL has been admitted to CIRP on 3 Dec 2019 through an application preferred by the Administrator of DHFL before NCLT Mumbai. The applicant became the

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC is maintainable given the ongoing CIRP of DHFL …

**Ratio:** The principle of res judicata and the need to avoid conflicting decisions in parallel

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**Reasoning:** The NCLT found that the ongoing CIRP of DHFL in NCLT Mumbai and the applicant's role as

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**Interpretation:** The interpretation of Section 7 of the IBC in the context of ongoing CIRP

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**Application:** The court applied the ratio to the facts of the case, noting that the applicant

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Omkara Assets…
- **Respondents:** Satyasankalp…

## Timeline

- **2021-06-07 — DHFL Resolution Plan…**: The Hon'ble National Company Law Tribunal approved the resolution plan submitted by…
- **2019-12-03 — DHFL Admitted…**: DHFL was admitted to CIRP through an application preferred by the Administrator of DHFL…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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