S.No.4

IN THE NATIONAL COMPANY LAW TRIBUNAL

VC AND PHYSICAL (HYBRID) MODE

ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

19-12-2025 AT 10:30 A.M.

IA (IBC)/1857/2024 in Company Petition IB/10/7/HDB/2017

U/s 7 of IBC

IN THE MATTER OF:

Indian Bank …Petitioner

AND

Kadevi Industries Limited …Respondent

C O R A M:-

SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (JUDICIAL)

SHRI. SANJAY PURI, HON’BLE MEMBER (TECHNICAL)

O R D E R

IA (IBC)/1857/2024

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

is dismissed.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Apoorva

BEFORE THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL, Ι.Α.No.1857 of 2024 in C.P. (IB) No. 10/7/HDB/2017 IN THE MATTER OF INDIAN BANK VS KADEVI INDUSTRIES LTD CS Dr. Ahalada Rao Vummenthala Liquidator, Kadevi Industries Ltd.

...Applicant/Liquidator AND Karnataka Power Transmission Corporation Ltd.

...Respondent Date Of Order:19.12.2025 CORAM:

Sri Rajeev Bhardwaj, Hon’ble Member (Judicial)

Sri Sanjay Puri, Hon’ble Member (Technical)

Counsels’ presence:

For the Applicant: Mr. D. Gopala Krishna (Advocate)

For the Respondent: Mr. Sriranga Subanna, Ld. Senior Counsel along with Ms. Ashwini Ravindra (Advocate)

P E R: B E N C H

O R D E R

1. The present Application is filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 20161, read with Rule 11 of the NCLT Rules, 2016, and Regulation 39 of the IBBI (Liquidation Process) Regulations, 2016.

2. The Applicant seeks a direction from this Tribunal directing the Respondent to deposit Rs. 1,20,72,843.57 (Rupees One Crore Twenty Lakh Seventy-Two Thousand Eight Hundred Forty-Three and Fifty- Seven Paise only), together with interest at the rate of 12% per annum, compounded monthly, into the liquidation account of the Corporate Debtor.

Application:

3. The Indian Bank² has initiated the Corporate Insolvency Resolution Process³ against the Corporate Debtor⁴, admitted by the Tribunal vide orders dated 15.03.2017, in Company Petition CP (IB) No. 10/7/HDB/2017. Later, on 23.02.2018, the CD was ordered for Liquidation, and Mr. G. S. N. Murthy was appointed as the Liquidator.

4. Upon the demise of Mr. G. S. N. Murthy (erstwhile liquidator), this Tribunal, by order dated 31.03.2022, appointed the Applicant as Liquidator. The Applicant assumed charge on 04.04.2022 and has since been discharging all statutory functions.

5. Subsequent to assuming the charge, the Applicant received the records from the office of the erstwhile Liquidator. Upon scrutiny of the said records, the Applicant came across a letter dated 28.09.2019, issued by Sri S. L. Narasimha Rao (authorized representative of the erstwhile

1Hereinafter referred to as IBC

2The Financial Creditor/FC

3Hereinafter referred to as CIRP

4Hereinafter referred to as CD Liquidator), addressed to Sri M. S. Prabhakar (the suspended Managing Director).

6. It is submitted that the said letter records that, as per the trial balance submitted by the suspended Director on 14.04.2018, the trade receivables as on the liquidation commencement date were Rs. 93.73 crores, out of which the Respondent⁵ was liable to pay an amount of Rs. 2,17,99,376/- to the CD.

7. It is further averred that Sri D. Zitendrarao (the authorized representative of the Respondent) has verified the transactions and confirmed that contracts aggregating to Rs. 4.31 crores were awarded to the CD. Against this, although the CD had executed work valued at approximately Rs. 3.20 crores, the Respondent acknowledged execution only to the extent of Rs. 2,95,96,304.57.

8. The Contract Termination Statement issued by the Respondent itself records the total contract value of Rs. 4,31,30,437.96, the acknowledged executed work of Rs. 2,95,96,304.57, payments made of Rs. 1,75,23,461, and the resulting balance payable of Rs.

1,20,72,843.57.

9. It is also stated that the Respondent’s subsequent claim that the unexecuted work of Rs. 1.35 crores were completed through a third party for Rs. 1.96 crores, resulting in an alleged loss, is unsustainable.

10. Moreover, the Respondent has