JUDGEMENT

(Hybrid Mode) [Per: Arun Baroka, Member (Technical)] This is an appeal under Section 61 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as “IBC”) filed by the M/s Laxmi Trading Corporation (hereinafter referred to as LTC or Operational Creditor) M/s Company Appeal (AT) (Insolvency) No. 1476 of 2023 2 of 15 Hindustan Construction Company Limited (hereinafter referred to as HCCL or Corporate Debtor) against the Impugned Order dated 25.08.2023 passed by the National Company Law Tribunal, Mumbai Bench, (Adjudicating Authority) in Company Petition (IB) No. 147/MB-IV/2021 under Section 9 of the IBC, 2016.

Brief facts of the Appeal relevant for the case:

2. M/s Laxmi Trading Corporation (Operational Creditor) was supplying hardware tools, rubber goods, pipes and fittings, and other related equipment to M/s Hindustan Construction Company Limited (Corporate Debtor), which is engaged in the business of Engineering and Construction, Real Estate, Infrastructure, Urban Development & Management. The Corporate Debtor had bought hardware goods from the Operational Creditor by