S.No.2 IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – 1 VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

24-02-2026 AT 12:40 P.M.

Company Petition IB/14/2021 AND IA (IBC) 109/2023 & IA (IBC) 203/2024 in Company Petition IB/14/2021 u/s. 9 of IBC, 2016 IN THE MATTER OF:

Padmavathi Steel Traders …Operational Creditor AND Mark Infrastructure Pvt Ltd …Corporate Debtor C O R A M:-

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

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

O R D E R IA (IBC) 109/2023 Present: Ms. Mano Ranjani, Learned Counsel for the Applicant.

Orders pronounced, recorded vide separate sheets.

In the result, this application is dismissed.

IA (IBC) 203/2024 Orders pronounced, recorded vide separate sheets.

In the result, this application is allowed and disposed of.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Siva/Manohar NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH In IN THE MATTER OF Versus Padmavathi Steel Traders Between M/s Mark Infrastructure Pvt Ltd

1. M/s Mark Infrastructure Pvt Lt d Represented by it RP, Mr Venu Gopal Kaspa Sardar Patel Nagar, Kukatpally Hyderabad 500085.

…….. Applicant Vs

1. M/s NBCC India Limitedv Represented by Mr AK Bharadwaj, GM (Engg)

Office of SBG (AP & Telangana)

Corniche Square, Gurunanak Nagar Main Road Vijayawada, (AP) – 520008 2. Ms Anitha, GM (Finance)

M/s NBCC India Limited nd

25, 2 Main Road, Okkiayam Thouraipakkam, Mahalakshmi Nagar Adambakkam, Chennai, Tamil Nadu 600088.

Date of order : 24.02.2026 …….. Respondents Coram:

Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)

Shri Sanjay Puri, Hon’ble Member (Technical)

Appearance:

For Applicant: Ms Mano Ranjani, Advocate For Respondent: Ms. Shireen Sethna Baria, Advocate PER: BENCH

ORDER

1. This application is filed by the Resolution Professional of Mark Infrastructure Pvt Ltd under Section 60 (5) of IBC, 2016, r/w Rule 11 of NCLT Rules, 2016, seeking directions to Respondent No.1 to rAeVfuEnRdM/E pNaTy Sa IsNu mTH oEf RAsP. 6P,L1I5C,4A9T,I9O7N1/ - to the Corporate Debtor.

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2. The Tribunal had earlier initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor vide order dated 30.12.2021 and appointed Mr. Ritesh Mittal as Interim Resolution Professional, who was subsequently replaced by Mr. Venu Gopal Kaspa and subsequently by Mr. Madasa Kumar as Resolution Professional.

3. It is stated that the Corporate Debtor, an MSME, had entered into a contract agreement with Respondent No. 1 for the construction of the remaining portion of the new campus for the National Institute of Design (NID), Vijayawada, Andhra Pradesh, at a contract value of approximately Rs. 44.70 crores.

4. In terms of the contract, the Corporate Debtor had furnished a Performance Bank Guarantee (PBG) issued by Punjab National Bank, vide BG No. 06871LG000319, for a sum of Rs. 2,23,48,322/- dated 07.01.2019, representing 5% of the bid value, to secure the due performance of contractual obligations.

5. It is stated that the Respondents No.1 and 2 retained 2.5% of each running account bill as retention money towards the Defect Liability Period (DLP) and released the balance payment for the work executed. Accordingly, a total sum of Rs. 1,49,07,328/- was retained by the Respondent No.1 from 22.03.2019 to 17.12.2021 under the DLP provisions.

6. The Applicant has detailed the total funds available with Respondent No.1 belonging to the Corporate Debtor, which amounts to

7. The grievance of the Applicant is that, despite the Corporate Debtor having executed approximately 95% of the work allotted under the contract satisfactorily, the Respondents, without considering the exceptional circumstances arising due to the COVID-19 pandemic, allegedly withheld payments for the work completed, and further threatened to cancel the contract and invoke the Performance Bank Guarantee (PBG) furnished by the Corporate Debtor.

IA

8. Aggrieved by the actions of the Respondents, the Resolution

279/2022 Professional (RP), on behalf of the Corporate Debtor, filed against Respo