IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH

[Through Physical hearing/VC Mode (Hybrid)]

ITEM No.05

CP (IB) No.151/BB/2023

IN THE MATTER OF:

BEML Midwest Limited … Petitioner

Vs

M/s BEML Limited …. Respondent

Petition under Section 9 of the I & B Code 2016

Order delivered on: 03.11.2025

CORAM:

SHRI. SUNIL KUMAR AGGARWAL

HON’BLE MEMBER (JUDICIAL)

SHRI. RADHAKRISHNA SREEPADA

HON’BLE MEMBER (TECHNICAL)

COUNSELS PRESENT:

For Respondent : Shri Sai Pranav

ORDER

C.P is dismissed vide separate order. File be consigned to records.

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RADHAKRISHNA SREEPADA SUNIL KUMAR AGGARWAL

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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

(U/s. 9 of the IBC, 2016 read with Rule 6 of the IBC (AAA) Rules, 2016)

IN THE MATTER OF:

BEML MIDWEST LIMITED Through its Resolution Professional, Smt. Padma Priyanka Vangala, Empire Square, TF8, 3^rd Floor, Road No. 36, Jubilee Hills, Hyderabad - 500033 …. Operational Creditor Versus BEML LIMITED BEML SOUDHA, No. 23/1, 4^th Main, S R Nagar, Bangalore, Karnataka – 560027 …. Corporate Debtor Order delivered on: 03.11.2025 CORAM: Shri Sunil Kumar Aggarwal, Hon’ble Member (Judicial)

Shri Radhakrishna Sreepada, Hon’ble Member (Technical)

COUNSELS PRESENT:

For the Petitioner: Shri Anirudh Suresh For the Respondent: Shri C Naganand Sr. Counsel with Shri Sai Pranav O R D E R

1. The present petition was filed on 06.11.2023 under section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC/Code”), read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, by BEML MIDWEST LIMITED (“Operational Creditor/Applicant”) inter alia seeking to initiate Corporate Insolvency Resolution Professional Process (“CIRP”) against BEML LIMITED (hereinafter referred as “Corporate Debtor/Respondent”) on the ground that the Corporate Debtor has committed a default in repayment of Rs.

1,35,50,199.15 (Rupees One Crore Thirty-Five Lakh Fifty Thousand One Hundred Ninety-Nine and Fifteen Paise only) as on the Date of Default i.e. 28.04.2023 despite service of demand Notice

2. Brief relevant facts of the case narrated by the Petitioner are as follows:

a) The Applicant was incorporated on 18.04.2007 as a Joint Venture Company with 45% shareholding held by the Respondent, 54.92% by Midwest Granite Private Limited, and 0.8% by P.T. Sumber Mitra Jaya, Indonesia, for the purpose of carrying out contract mining operations.

b) The Applicant is presently undergoing CIRP pursuant to an order dated

26.09.2022 passed by the NCLT, Hyderabad Bench – I, in C.P.(IB) No. 237/9/HDB/2020 on an application preferred under Section 9 of IBC by Action Group Associates wherein Smt. Padma Priyanka Vangala, bearing Registration No. IBBI/IPA-002/IP-N00980/2020-21/13143, was appointed as the Resolution Professional.

c) The Respondent, formerly known as Bharat Earth Movers Limited, is a Public Sector Undertaking under the Ministry of Defence, Government of India. The parties had entered into an Agreement dated 25.01.2008 for procurement and subsequent export of iron ore. Pursuant whereof the Applicant has rendered services to the Corporate Debtor and raised invoices which were duly acknowledged without demur.

d) Subsequently, two Tripartite Agreements dated 07.03.2008 and 17.03.2008 were executed among the Corporate Debtor as Buyer, Action Group Associates as Sellers, and the Operational Creditor as Financial Facilitator, under which the Corporate Debtor agreed to procure and export iron ore of different grades through the Operational Creditor.

e) The Applicant had also entered into a separate Agreement dated 02.04.2008 with Action Group Associates for the purchase and export of iron ore. On some disputes arising under the said Agreement, Action Group Associates had initiated arbitral proceedings which culminated in an Arbitral Award dated 11.10.2018 and an Additional Award dated 05.01.2019 against the Applicant. Based on t