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

> NCLT judgment dated 2023-06-16. Citation: TCN-2023-NCLT-05430. The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 16 Jun 2023
- **Citation:** TCN-2023-NCLT-05430
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/sequel-buildcon-private-limited-ib-558nd-2022-a10b12ca

## Summary

### Background

The case pertains to an application 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, filed by Aditya Birla Finance Limited against Sequel Buildcon Private Limited.

## Facts

Aditya Birla Finance Limited filed an application under Section 7 of the IBC against Sequel Buildcon Private Limited.

Sequel Buildcon Private Limited is already under Corporate Insolvency Resolution Process (CIRP) based on a previous order IB-555(ND)/2021.

Mr. Amarpal has been appointed as the Interim Resolution Professional (IRP) for Sequel Buildcon Private Limited.

The Financial Creditor is directed to file its claim with the IRP.

The Financial Creditor has the liberty to revive the petition if the previous order is set aside or a settlement is reached.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of IBC can proceed when the Corporate Debtor is already …

**Ratio:** The Corporate Debtor is

…

**Reasoning:** The Adjudicating Authority considered that the Corporate Debtor is already under CIRP

…

**Interpretation:** The Adjudicating Authority interpreted that a fresh application under Section 7

…

**Application:** The application was disposed of, directing the Financial Creditor to file its

…

## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** ADITYA BIRLA…
- **Respondents:** Sequel Buildcon…
- **Other parties:** Amar…
- **Advocates:** Krishnendu…; Varun K…; +5 more

## Timeline

- **16.06.2023 — Order Pron…**: Order pronounced on June 16, 2023,…

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