The liquidator's partial acceptance of a claim due to lack of supporting documents is valid, affirming the need for proper evidence in disputed insolvency claims.

ORDER

This Application is filed challenging the communication of the liquidator dated 14.11.2022 whereby the liquidator has accepted a mere sum of INR 2,35,762/- i.e., constituting a mere 0.09% of the total of INR 23,83,15,026/- claimed amount and sought a direction to the Respondent/Liquidator to consider, verify, and accept the entire claimed amount in conformity with the agreement executed on 01.11.2018, as endorsed by the Corporate Debtor.

1) Brief of averment in the Application:

1.1 That, the Applicant is a Public Limited company duly incorporated under the Provisions of the companies act, 1956, situated in Odisha, that is engaged in providing marine logistic service and onshore direct berthing operations of various size vessels. That, the applicant floated a tender dated 14.09.2018 for the purpose of carrying out project in the nature of an ‘Engineering, Procurement and Construction of Material Handling System at the Gopalpur Port, Odisha’. The Corporate Debtor being the Successful bidder, was awarded the project vide agreement dated 01.11.2018 for a sum of Rs. 27,75,00,001/-. An additional variation for supply was awarded on 25.07.2019, hence, increasing the total contract price to Rs. 28,07,07,835/-.

1.2 That, soon after the commencement of the project, the Corporate Debtor committed various breaches and failed to honour the terms of the contract. As per clause 8.2 of the Agreement dated 25.07.2019, the Corporate Debtor was supposed to complete the entire project within 9 months from the date of commencement i.e., 01.11.2018 till the last date i.e., 31.07.2019. That, due to the delay caused by the Corporate Debtor and failure to complete the project in time, the Applicant suffered massive losses.

1.3 That, as per clause 14.2 of the Agreement, an amount of Rs. 5,55,00,000/- was released by the Applicant as mobilization advance, which was to be recovered through proportionate deductions made from the R.A. Bills and Interim Payment Application. The applicant was only able to recover an amount of Rs. 45,09,566/-. That due the failure to complete the project by 31.07.2019, the applicant’s representative for the Project vide Letter dated 03.08.2019 sent a notice seeking the liquidated damages for the delay in completion as per Clause 8.7 that become due and payable.

1.4 That, the Applicant always adhered to the terms of the Agreement and performed its part of the obligations by making timely payments to the Corporate Debtor. However, the Corporate Debtor miserably failed to adhere to its contractual obligations and timelines under the agreement, resulting in the applicant pay in excess over and above the Agreement making the Corporate Debtor liable to refund the same. The details of the said payment are extracted in the table below;

1.5 That, during May-June 2022, it came into the knowledge of the applicant that an application under section 9 of the Code, 2016 bearing CP(IB) No. 493/9/HDB/2018, was admitted vide order dated 1