IN THE NATIONAL COMPANY LAW TRIBUNAL

BENGALURU BENCH, BENGALURU

(Through Physical Hearing / VC mode [Hybrid])

ITEM No. 08

IA Nos.68/2020, 141, 228, 229, 230/2021,

847, 858/2023, 155, 685/2024 in

CP (IB) No.17/BB/2019

IN THE MATTER OF:

M/s. Oriental Bank of Commerce … Petitioner

Vs.

M/s. IDEB Projects Pvt. Ltd. … Respondent

Order under Section 7 of Insolvency & Bankruptcy Code, 2016

Order delivered on: 14.10.2024

CORAM:

SHRI K. BISWAL

HON’BLE MEMBER (JUDICIAL)

SHRI MANOJ KUMAR DUBEY

HON’BLE MEMBER (TECHNICAL)

PRESENT:

For the Liquidator : Shri Aakash Sherwal, Adv.

For the IAs : Shri Srihari S., Adv. for Applicant in IAs 228, 229,

230/2021 and Respondent in IAs 68/20, 858/23

For IA 141/2021 : Ms. Lakshmi Menon, Ms. Neha, Advs. for Applicant

For IA 155/2024 ; Shri S. Srihari, Adv. for Respondent

ORDER

IA No.141 of 2021:

1. This application has been filed by M/s. Delhi Metro Rail Corporation Ltd. u/s

42 of the IBC, 2016 inter alia seeking a direction to the Respondent-Liquidator to admit the claim of the Operational Creditor amounting to Rs.3,05,33,001 in a time bound manner and, provide for the same from the liquidation estate,

to extent permissible law.

2. Heard the Ld. Counsels for the Parties.

3. Ld. Counsel for the Liquidator in his objections filed vide Diary No.227 dated

12.01.2023 has inter alia seeks for dismissal of the instant appeal as the claim of the Applicant of Rs.72,52,72,172/- has not crystallised yet and is contingent on the final outcome of the arbitration dispute between the Applicant and the Corporate Debtor pending before the Hon’ble Arbitral

Tribunal. Further, the claim is not verifiable in the books of account of the Corporate Debtor. The Respondent found that the claim was unsupported by relevant documents to adequately establish the debt as per Regulation 17(2) (b) of IBBI (Liquidation Process) Regulations, 2016. During the course of hearing, Ld. Counsel for the Liquidator further stated that the Applicant can file its claim with the Liquidator once the Arbitral Award is passed.

4. Considering the aforesaid submission, the instant IA No.141 of 2021 is disposed of with a direction to the Applicant to file its claim with the Liquidator as per the Arbitration Award once the Arbitral Award is passed. However, liberty is granted to the Applicant to file fresh application in accordance with law, if they are not satisfied with the decision of the Liquidator.

5. Accordingly, IA No.141 of 2021 stands disposed of.

IA No.847 of 2023:

1. This application has been filed by the Liquidator u/s 60(5) of the IBC, 2016 seeking the following reliefs:

(a) Direct the Respondent and any other third party in illegal occupation of the concerned Property of the Corporate Debtor (i.e., Ground Floor (back- side), Plot No.1378, Kashmere Gate, New Delhi-110006 admeasuring 300 sq. ft.) to vacate the concerned Property and deliver possession to the Liquidator of the Corporate Debtor within 30 days of the directions of this Hon’ble Tribunal; and (b) Direct the police authorities at the Police Station (i.e. Kashmere Police Station, Zorawar Singh Marg, Inter-state Bus Terminal, Delhi-110006) or any other police under whose jurisdiction the concerned Property may be located, to provide assistance and co-operation to the Liquidator of the Corporate Debtor for vacating and taking possession of the Concerned Property (i.e., Ground Floor, Plot No.1378, Kashmere Gate, New Delhi – 110006, admeasuring 300 sq. ft.) from the Respondents or any other illegal occupants in case the concerned Property is not vacated within 30 days of the directions of this Hon’ble Tribunal; and (bb) Alternative Prayer: Permit the Liquidator as per the proviso to Section 33(5) of the Insolvency and Bankruptcy Code, 2016 to initiate legal proceedings before appropriate courts to secure the possession of the concerned Property (i.e., Ground Floor, Plot No.1378, Kashmere Gate, New Delhi-110006, admeasuring 300 sq. ft.)

(c) Pass any other orders in the interests of justice and equity.

2. Heard the Ld. Counse