ALLAHABAD BENCH, PRAYAGRAJ (An application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 R/w Rule 11 of NCLT Rules, 2016)

IN THE MATTER OF:

VELOCITY ENTERPRISES Through its Proprietor Anurag Jain S/o Shri Ashok Kumar Jain Having Its R/o:

C1/2 Comfort Chalet, Chuna Bhatti, Bhopal-462016, M.P.

Having Its Regd. Office At:

S-201-202, 2nd Floor, Raksha Tower, Chuna Bhatti, Bhopal-462016, Μ.Ρ.

.............APPLICANT Versus JAIPRAKASH ASSOCIATES LTD.

Through its Managing Director, Having Its H. Office At:

J.A. House 63, Basant Lok, Vasant Vihar, New Delhi-57.

Through its IRP Bhuvan Madan

808, Padma Tower I, Rajendra Place, New Delhi-110008.

………RESPONDENT NO.1 CHIEF ENGINEER GANGA BASIN WATER RESOURCES DEPARTMENT Rewa, Madhya Pradesh.

………RESPONDENT NO.2 CHIEF ENGINEER (E&M) WATER RESOURCES DEPARTMENT Bhopal, Madhya Pradesh.

………RESPONDENT NO.3 EXECUTIVE ENGINEER (E&M) RAMNAGAR, MICRO LIFT IRRIGATION PROJECT Division Satna, Madhya Pradesh ………RESPONDENT NO.4 AND IN THE MATTER OF:

ICICI BANK LIMITED …………FINANCIAL CREDITOR Versus JAIPRAKASH ASSOCIATES LIMITED …………CORPORATE DEBTOR Order pronounced on: 17.03.2026 Coram:

Mr. Praveen Gupta. : Member (Judicial)

Mr. Ashish Verma : Member (Technical)

Appearances:

Sh. Udai Chandani, Adv. : For the Applicant Dr. Farrukh Khan with : For the Res./RP Sh. Dinkar Tiwari &

Ms. Khushboo Sai Khurana, Advs.

ORDER

1. The present Application has been filed on 22.02.2025 by Velocity Enterprises (hereinafter referred to as the “Applicant”), under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code”/“IBC, 2016”) seeking appropriate directions to set aside order dated 04.12.2024 challenging the illegal termination of the Work Order dated 18.11.2022 by the Respondent No.1, Jaiprakash Associates Limited through its Interim Resolution Professional, Bhuvan Madan (hereinafter referred to as “IRP/RP”).

2. The Applicant has made the following prayers in the application:

IA No.108/2025 a. Allow the present application b. To set aside the order dated 04.12.2024 whereby the contract has been terminated in an illegal and arbitrary manner c. Till the final disposal of the present application the Respondent No. 1 may be restrained from taking any coercive action against the Applicant on the basis of the work order issued on 18.11.2022 bearing Reference No.

JAL/HO/MP/E&M/VELOCITY/RAMNAGAR/2022.

d. Pass such other and further orders as may be deemed fit and proper in the facts and circumstances of the instant case.

3. As submitted, the Applicant is a proprietorship firm based at Bhopal, Madhya Pradesh, and Respondent No.1 is a company engaged in engineering and infrastructure which had been awarded the Micro Lift Irrigation Project at Ramnagar by Respondent Nos. 2 and 3, the project timeline having been extended from time to time with the final completion date stated as 31.12.2024.

4. The Applicant submits that Respondent No.1 issued a Work Order dated

18.11.2022 in its favour for execution of design, engineering, supply, erection and commissioning of electrical, mechanical and substation works of the pump house along with five years’ operation and maintenance, for a total consideration of Rs.17,35,00,000/-, subject to approval of drawings and stage-wise payments, which was confirmed by email dated 19.11.2022.

5. It is stated that the Applicant furnished an Advance Bank Guarantee of Rs.1.48 Crores dated 02.03.2023, later renewed till 31.03.2025, and commenced execution of work, the scope including supply, design, transportation, erection and commissioning of the substation and allied works with mobilization advance payable against the bank guarantee and further payments linked to certified material supply at site.

6. The Applicant submits that initial drawings proposed two 16 MVA transformers, but upon review by the concerned authority (Respondent No.4), revised drawings providing 7.5 MVA transformers were submitted and ultimately approved by competent authorities through communications dated 09