ORDER

IA.No.577/2024: - Adv. Sandeep Bajaj appeared for the Applicant/Liquidator through VC. This IA has been filed by the liquidator seeking extension of liquidation period by one year from 04.03.2024 to 03.03.2025 to complete the liquidation process. It has been pointed out by the counsel for the Liquidator/Applicant that all the assets of the Corporate Debtor have been sold and distribution has also been carried out but some litigation is pending which will take some time to conclude. The details of the said pending litigation have also been given in the application. It has also been stated by the counsel for the Liquidator that an attempt is also being made to assign the recovery involved in the said litigations but that has not been possible so far.

Taking into account the grounds mentioned in the application and the fact that the pending litigations if successfully pursued would yield recovery of about Rs. 400 Cores, this Bench deems it fit and proper to grant one-year extension from 04.03.2024 to 03.03.2025. Accordingly, IA.No.577/2024 is allowed and disposed of in aforesaid terms.

IA.No.678/2020 & IA.No.2152/2021: - Adv. Sandeep Bajaj appeared for the Liquidator through VC. None present for the Respondents. The IA.No.678/2020 is filed by the Liquidator of the Corporate Debtor (KSS Petron Private Limited) under Section 60(5) read with Section 35(1) of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) seeking direction against (i) Industrial X-Ray & Allied Radiographers (I) Private Limited (‘the Sub-Contractor’) for immediate release of X-Ray Films which were developed by the Sub-Contractor on the directions of the Corporate Debtor for the project of Oil and Natural Gas Corporation Limited (‘ONGC’) and (ii) ONGC for release of an amount of Rs.16,12,949.66/- which although being due and payable has been withheld due to non-submission of X-Ray Films.

The IA.No.2152/2021 is filed by Sub-Contractor (Industrial X-Ray &

Allied Radiographers (I) Private Limited) seeking (i) declaration that the amount of Rs.1,04,33,790/- being claimed by the Liquidator from ONGC is not the asset of the Corporate Debtor in liquidation and a direction to the Liquidator not to claim the same from ONGC; and (b) direction to the Liquidator to pay the amount of Rs.25,48,852/- to the Sub-Contractor being the service tax amount withheld by the Corporate Debtor in respect of the Tripura Project.

The issue involved in both the IAs is more or less the same and as such have been taken up together and are being disposed of by this common order.

It is submitted by the Liquidator that the Corporate Debtor was awarded a Contract for upgradation of Konaban GGS and Pipeline Grid Project (‘Tripura Project’) by ONGC, part of which was sub-contracted to the Sub-Contractor. The project work was eventually completed, albeit with delay, and handed over to ONGC in due course. However, some of the invoices raised by Sub-Contractor remained pending and, therefore, the X Ray Films relating to the said Tripura Project were not handed over by the Sub- Contractor.

Subsequently, the Corporate Debtor was admitted to Corporate Insolvency Resolution Process (‘CIRP’) on a petition filed under Section 10 of the Code which culminated in passing of a Liquidation order dated 27.12.2019 and the Applicant was appointed as Liquidator of the Corporate Debtor. In the Liquidation Process, the Respondent No.1 filed its claim for an amount of Rs.5,41,25,665/- comprising of Rs.2,41,81,261/- being the principle amount and Rs.2,99,44,404/- being the interest for the delayed period in respect of the invoices raised by the Sub–Contractor and pending in respect of the work undertaken for the Tripura Project. The Liquidator admitted entire principle amount of Rs.2,41,81,261/- and rejected the interest claimed towards delayed payment.

It is also submitted that the Liquidator after going through the books of the Corporate Debtor took note that an amount of Rs.16,12,949.66/-

was due and payable by ONGC whic