IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH

[Through Physical hearing/VC Mode (Hybrid)]

ITEM No.02

I.A.(Plan) No.08/2024, 549/2024, (IBC) 02/2025, 227, 42,267/2025, (IBC) 417,442/2025, 537/2025 in

C.P. (IB) No. 74/BB/2023

IN THE MATTER OF:

Yes Bank Limited … Petitioner

Vs.

M/s. Katerra India Pvt. Ltd. … Respondent

Petition under Section 7 of IBC, 2016

Order delivered on: 26.09.2025

CORAM:

SHRI SUNIL KUMAR AGGARWAL

HON’BLE MEMBER (JUDICIAL)

SHRI RADHAKRISHNA SREEPADA

HON’BLE MEMBER (TECHNICAL)

PRESENT:

For the RP : Shri Bibhas Kittur

For the IA.537/2025 : Shri Vasuki K.N and Mr. Mahin S

For the Respondent

in IA.08/2024 : Shri Dharma Tej and Ms. Nandita Phal

For Respondents 1 to 4

in IA No. 42/2025 : Ms. Tanish Rao

For the Applicant in

IA 2/2025 & Respondents 1 to 4

in IA No. 42/2025 : Shri Raghuram Cadambi

ORDER

1. IAs.Nos.549/2024, 02/2025, 267/2025, and 537/2025 dismissed vide

separate order.

2. IA.No.417/2025 is partly allowed vide separate order.

3. List the case on 29.10.2025.

-Sd- -Sd-

RADHAKRISHNA SREEPADA SUNIL KUMAR AGGARWAL MEMBER (TECHNICAL) MEMBER (JUDICIAL)

BL

IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH (Exercising powers of Adjudicating Authority under The Insolvency and Bankruptcy Code, 2016)

I.A No. 549/2024 in CP (IB) No.74/BB/2023 Application under sub-section (5) of section 60 of the IBC, 2016 read with rule 11 of the National Company Tribunal Rules, 2016 IN THE MAIN MATTER OF:

Yes Bank Limited … Petitioner Versus Katerra India Private Limited …. Corporate Debtor IN THE MATTER OF:

M/s Blue Star Limited Anjuman Kay Arr Tower, No. 28, Ward 77, Kalinga Rao Road, Mission Street, Bangalore - 560027 … Applicant Versus Mr. Pankaj Srivastava No. 58, 3^rd Cross, Vinayaka Nagar Hebbal, Bengaluru- 560024. …. Respondent No. 1 Katerra India Private Limited L-197, near Silk Board Bus Stop, Santhosapuram, 6^th Sector, Koramangala, Bengaluru, Karnataka 560034 …. Respondent No. 2 Order delivered on: 26/09/2025 Coram: Shri Sunil Kumar Aggarwal, Hon’ble Member (Judicial)

Shri Radhakrishna Sreepada, Hon’ble Member (Technical)

O R D E R

1. This Application has been filed on 27.06.2025 with following prayers:

A. Direct the Respondent IRP to consider the claim of Rs. 4,57,00,000 (Rupees Four Crore and Fifty-Seven lakhs) (RA Bill No. 29) as an admitted claim, since there is no provision under the agreement to impose liquidated damages, beyond 10% of the contract value.

B. Direct the Respondent-IRP re-determine and undertake to consider the entire claim and to enhance the claim amount payable to the applicant in accordance with the provisions of the IBC.

C. Or, alternatively direct the Respondent IRP to contest the arbitration filed by applicant, against Respondent 2 before the sole arbitrator appointed by High Court to determine whether the invocation of bank guarantee of Rs. 8,86,00,000 (Rupees Eight Crores & Eighty-Six Lakhs) on the ground of imposing the liquidated damages is valid in the eyes of law.

2. Brief facts of the present application are given below:

i. The Applicant, Blue Star Limited, is a company incorporated under the Companies Act, 1913, engaged in the business of air-conditioning and MEP construction projects across the country.

ii. The Corporate Debtor, Katerra India Private Limited, was awarded a contract by LULU India Shopping Mall Pvt. Ltd. for construction of a mixed-use development project “LULU Mall, Lucknow” under Agreement dated 25.09.2017. The scope of work included execution of civil works at two sites within International Business Bay–2, Sushant Golf City, Lucknow, namely Project Site No. 01 measuring 43,144 sq. mtrs. and leasehold Plot No. T-4A measuring 2,135 sq. mtrs.

iii. In furtherance of the above project, the Corporate Debtor appointed the Applicant as a sub-contractor for execution of certain works. The engagement was based on a Letter of Intent dated 16.05.2018 for a contract value of Rs. 75,00,00,000/- (Rupees Seventy-Five Crores Only) (excluding GST). This was followed by execution of a formal agreement dated

07.06.201