SL. No.12

NATIONAL COMPANY LAW TRIBUNAL

HYDERABAD BENCH COURT HALL NO: II

Hearing Through: VC and Physical (Hybrid) Mode

CORAM: SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (J)

CORAM: SHRI. SANJAY PURI, - HON’BLE MEMBER (T)

ATTENDANCE-CUM-ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL,

HYDERABAD BENCH, HELD ON 03.04.2024 AT 10:30 AM

TRANSFER PETITION NO.

IA (IBC)/350/2021, IA (IBC)/351/2021, IA

COMPANY PETITION/APPLICATION NO. (IBC)/564/2021, IA (IBC)/349/2021 in CP(IB)

No.294/7/HDB/2017

NAME OF THE COMPANY IVRCL Limited

NAME OF THE PETITIONER(S) State Bank of India

NAME OF THE RESPONDENT(S) IVRCL Limited

UNDER SECTION 7 of IBC

ORDER

IA (IBC)/350/2021

Orders pronounced, recorded vide separate sheets. In the result, this application

is disposed of.

IA (IBC)/351/2021

Orders pronounced, recorded vide separate sheets. In the result, this application

is disposed of.

IA (IBC)/564/2021

Orders pronounced, recorded vide separate sheets. In the result, this application

is disposed of.

IA (IBC)/349/2021

Orders pronounced, recorded vide separate sheets. In the result, this application

is disposed of.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Apoorva

IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH-II [Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016]

In the matter of M/s. IVRCL Ltd Between:

Max Infra (I) Limited, 4^th Floor, Plot No. 319 and 320, East Avenue, Near YSR Statute, Ayyappa Society, Madhapur, Hyderabad, Telangana -500081.

…Applicant AND

1. IVRCL Limited (Formerly Known as M/s IVRCL Infrastructure & Projects Limited), M-22/3RT, Vijaynagar Colony, Hyderabad -500057, Also at: “MIHIR, 8-2-350/5/A/24/1B, Road No.2, Panchavathi Colony, Banjara Hills, Hyderabad-500034, Telangana.

2. Mr. Sutanu Sinha, Liquidator for IVRCL Limited, Floor No. 4, Duck Back House, #41, Shakespeare Sarani Kolkata, West Bengal, India -700017 3. The Engineer-In-Chief, RWS & Sanitation, Vijayawada, Andhra Pradesh, Government of Andhra Pradesh …Respondents CORAM:

Sri Rajeev Bhardwaj, Hon’ble Member (Judicial)

Sri Sanjay Puri, Hon’ble Member (Technical)

Counsel/Parties present:

For the Applicant : Mr. Avinash Desai For the Respondent : Mr. Nirav Shah and Mr. Alay Razvi, DSL Legal Per: Rajeev Bhardwaj, Member (Judicial)

ORDER

1. The Applicant has filed the present application filed under section 60(5) of the IBC, seeking direction to the Liquidator to release an amount of Rs. 1,03,74,500/- (Rupees One crore three lakhs seventy-four thousand five hundred only), comprising of Rs. 10,38,603/- (Rupees Ten lakhs thirty eight thousand six hundred sixty- three only) under regular R.A. Bills, Rs. 61,06,280/- (Rupees sixty one lakhs six thousand two hundred and eighty only) amount withheld as FSD and Rs. 32,29,618/- (Rupees Thirty two lakhs twenty nine thousand six hundred and eighteen only) amount retained by Respondent No. 3.

2. Petitioner’s Case

2.1 The Corporate Debtor was put into CIRP in C.P. (IB) No.

294/7/HDB/2017 under section 7 of the IBC on February 23, 2018. Mr. Sutanu Sinha was appointed as the Interim Resolution Professional. Subsequently, in a meeting, the Committee of Creditors confirmed Mr.

Sutanu Sinha as the Resolution Professional.

2.2 As no resolution plan was received, liquidation order dated July 26, 2019 was passed in I.A No. 544 of 2018 under section 33 of the Insolvency and Bankruptcy Code (IBC) and Mr. Sutanu Sinha was appointed as the Liquidator.

2.3 The Engineer-In-Chief, RWS & Sanitation, Hyderabad, Andhra Pradesh, issued a tender notice (No. 45/2013-14) for the "CPWS Schemes to Narsipuram and 11 other habitations in Vizianagaram District". The Corporate Debtor successfully secured the Project at a cost of Rs. 10,79,10,764/- (Rupees Ten crores seventy nine lakhs ten thousand seven hundred and sixty four only).

2.4 The Applicant approached the Corporate Debtor and proposed to undertake the Project works. Subsequently, both parties entered into a sub-contract agreement on May 22, 2014 (Annexure-3). According to this agreement, the Applicant was responsible for carrying out the P