302

IN THE NATIONAL COMPANY LAW TRIBUNAL

DIVISION BENCH (COURT– I) CHENNAI

ATTENDANCE CUM ORDER SHEET OF THE HEARING

HELD ON 20.03.2024 THROUGH VIDEO CONFERENCE

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PRESENT: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL)

HON'BLE SHRI VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

--------------------------------------------------------------------------------------------------------------------- Application No : Dairy No 3305118023762023 CP(IB)/33(CHE)/2024

Petition No :

Name of Petitioner : Shrushti contech Pvt Ltd

& Vs

Name of Respondent : VA Tech Wabag Ltd

Section : 9 Rule 6 of IBC, 2016

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ORDER IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – I, CHENNAI (filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016)

Present: Mr. Vijay Vigneshwar, Ld. Counsel for Petitioner / Applicant

Vide separate order pronounced in open court, the petition is dismissed.

File be consigned to record room.

-sd- -sd-

[VENKATARAMAN SUBRAMANIAM] [SANJIV JAIN]

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

MS

In the matter of M/s. V.A. Tech Wabag Limited M/s. Shrushti Contech Private Limited, 49 , High, APHB Colony.

Proddatur, YSR ( Kadapa) District 516360 … Applicant / Operational Creditor -Vs-

[

M/s. V A Tech Wabag Limited, CIN: L45205TN1995PLC030231 No. 17 , 200 Feet Thoraipakkam Pallavaram Main Road, Sunnambu Kolathur, Chennai ... Respondent / Corporate Debtor Order Pronounced on 20th March, 2024 CORAM:

SANJIV JAIN, MEMBER (JUDICIAL)

VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

For Operational Creditor: Mr. Jayanth Viswanathan PCS Mr. Vijay Vigneshwar, Advocate

O R D E R

(Heard through Hybrid Mode)

This application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has been filed by M/s. Shrushti Contech Private Limited (hereinafter referred to as “Operational Creditor”) against M/s. V A Tech Wabag Limited (hereinafter referred to as “Corporate Debtor”) for initiating Corporate Insolvency Resolution Process (“CIRP”).

2. It is observed that NCLT Registry had pointed out certain defects in the Section 9 Petition filed by Operational Creditor as under:

i) Two demand notices dated 10.09.2022 and 14.12.2020 were issued by the Applicant against the Corporate Debtor. To confirm against which demand notice this application has been filed.

ii) In Part IV ( Sl No 2) of the application date of default has been shown as

01.05.2016. Clarify whether the application has been filed within limitation period.

iii) File the copy of the acknowledgement of debt by the Corporate Debtor.

iv) The default amount mentioned in Part IV ( Sl No 2) of the application is Rs.18,75,96,057/- which is lesser than the amount of Rs.25,84,17,857/-

mentioned in the demand notice dated 10.09.2022. Clarify this.

3. It is stated that the petitioner vide letter dated 15.09.2023 had given reply stating that Operational Creditor has filed an affidavit at page 214 of the application that the Corporate Debtor has not disputed the debt amount and thus application filed is within the limitation period in view of Section 18 of the Limitation Act.

4. Not satisfied with the reply by the Operational Creditor, Registry has put up a note requesting the Tribunal for deciding the maintainability of the application filed by the Operational Creditor.

5. We have heard Learned Counsel for the Applicant and perused the record.

6. Part-I of the application sets out of the details of the Operational Creditor. It is stated that the Operational Creditor M/s. Shrushti Contech Private Limited, is a Private Limited company with its office situated at Prodattur, YSR (Kadapa) District. Part-II of the applications sets