IN THE NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH COURT-III

I.A No. 712/2022

In

CP No.1222/2019

Under Section 60(5)(c) of the Insolvency and

Bankruptcy Code, 2016.

Fabtech Projects and Engineers Ltd.

J-504, MIDC, Bhosari, Pune – 411026,

Maharashtra … Applicant

Vs

Hindustan Petroleum Corporation Ltd.

Petroleum House, 17 Jamshedji Tata Road,

Churchgate, Mumbai - 400020

… Respondent In the matter of

Bank of Maharashtra

… Petitioner

Vs

Fabtech Projects and Engineers Ltd.

… Corporate Debtor

Order pronounced on: 21.01.2025

Coram:

Hon’ble Ms. Lakshmi Gurung, Member (Judicial)

Hon’ble Sh. Charanjeet Singh Gulati, Member (Technical)

Appearances:

For the Applicant : Adv. Kunal Kanuugo a/w Advs. Swapnil Songle,

Atishay Jain i/b Adv. Suwedh Ruikar

For the Respondent : Adv. Vinit Gangwal.

Per: Sh. Charanjeet Singh Gulati, Member (Technical

1. The Interlocutory Application (IA) bearing no. 712/2022 has been filed by Fabtech Projects and Engineers Limited (Fabtech/Corporate Debtor under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (I&B Code) seeking following reliefs:

i. To examine the contents of the present application and after examining the same be pleased to direct the Respondent to comply with the terms and conditions of the Resolution plan submitted by the Applicants as approved by this Tribunal by order dated 16^th Nov.

2021;

ii. To examine the contents of the present application and after examining the same be pleased to declare that the in terms of the Approved Resolution Plan, by this Tribunal by order dated 16^th Nov. 2021, the Respondent HPCL is not entitled to charge and/or to collect and/or to levy any liquidated damages already accrued/ accruing in relation to any period prior Insolvency commencement date and / or closing date and to write of the same in full and should be deemed to be permanently extinguished and the Applicant is not to be held responsible and/or liable for the same in respect of the projects more particularly described in paragraph 11 of the present application;

iii. To examine the contents of the present application and after examining the same be pleased to declare that the in terms of the Approved Resolution Plan, by this Tribunal by order dated 16^th Nov. 2021 that the Corporate Debtor is entitled for a 12 months extension from the date of the Approval of the Resolution Plan for carrying out the works in respect of works of any ongoing project/contract of Respondent HPCL which are more particularly described in paragraph 11 of the present application;

iv. To examine the contents of the present application and after examining the same be pleased to direct the Respondent that in terms of the Approved Resolution Plan, by this Tribunal by order dated 16^th Nov. 2021, to not to charge or not to collect and/or levy any liquidated damages in respect of any projects (more particularly described in Paragraph No. 11 above of the Application) already accrued/ accruing in relation to any period prior Insolvency commencement date and/ or closing date and to write of the same in full and should be deemed to be permanently extinguished and the Applicant is not to be held responsible and/or liable for the same;

v. To examine the contents of the present application and after examining the same be pleased to direct the Respondent, that the in terms of the Approved Resolution Plan by this Tribunal by order dated 16^th Nov. 2021, to issue a formal letter of extension for completing ongoing project (If not already completed) which is more particularly described in Paragraph No. 11 hereinabove;

vi. To examine the contents of the present application and after examining the same be pleased to direct the Respondent, that the in terms of the Approved Resolution Plan by this Tribunal by order dated 16^th Nov. 2021, be pleased to reconcile the statements and accounts of the Corporate Debtor in respect of the projects more particularly described in Paragraph No. 11 hereinabove and adjust/disbursed the amounts of Liquidated Damages, if already levied;

vii. Any