JUDGEMENT

ASHOK BHUSHAN, J.

1. This Appeal has been filed by the Liquidator of Corporate Debtor challenging the Order dated 09th October, 2023 passed by National -2- Company Law Tribunal, Chandigarh Bench, Chandigarh (hereinafter referred to as ‘The Adjudicating Authority”) in I.A. No. 1626 of 2022 filed by the Liquidator under Section 66 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘The Code’).

2. Brief facts of the case giving rise to this Appeal are:-

i.

National Highway Authority entered into a Concession Agreement with Soma Isolux Varanasi Aurangabad Tollway Pvt. Ltd. (hereinafter referred to as “Concessionaire’) to construct, operate and maintain the project.

Engineering procurement and construction contract dated 21st January, 2011 was entered between Soma Isolux Varanasi Aurangabad Tollway Pvt. Ltd. (Concessionaire) and the Isolux Corsan India Engineering and Construction Pvt. Ltd. (hereinafter referred to as “Corporate Debtor’). Corporate Debtor was to design and execute the work from Km 871 to 978 Six Lane Varanasi-Aurangabad Section of NH-2.

ii.

There were certain issues between the Corporate Debtor and the Concessionaire. On 14th June