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S.No.1 IN THE NATIONAL COMPANY LAW TRIBUNAL

HYDERABAD BENCH – II VC AND PHYSICAL (HYBRID) MODE

ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

23.03.2026 AT 10:30 A.M.

IA No. 26/2019, IA No.685/2022, IA No. 959/2019 in CP (IB) No.12/10/HDB/2017

U/s 10 of IBC IN THE MATTER OF:

VNR Infrastructure Limited …Petitioner

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 No. 26/2019 Orders pronounced, recorded vide separate sheets. In the result, the IA No.

26/2019 is dismissed.

IA No.685/2022 Orders pronounced, recorded vide separate sheets. In the result, the IA No.

685/2022 is allowed.

IA No. 959/2019 Orders pronounced, recorded vide separate sheets. In the result, the IA No.

959/2019 is dismissed.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Vamsi

THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH -II

IA (IBC) No. 959 of 2019 in C.P (B) No. 12/10/HDB/2017

In the matter of M/s VNR Infrastructures Limited (under Liquidation)

BETWEEN:

M/s VNR Infrastructures Ltd (in liquidation)

represented by its Liquidator Mr. TSN Raja Plot no.16,

Shop cum flat, HUDA Complex, Kothapet, Hyderabad

And

1. Regional PF Commissioner, EPF Office, Barkatpura,

Hyderabad

2. FA & CAO, South Central Railway,

Secunderabad.

3. Dy.Chief Engineer, South Central Railway,

Secunderabad.

4. A.G. Bhusagare, Contractor Reddy colony, Udgir District

Latur, Maharashtra …Respondents

Date of Order: 23.03.2026 CORAM:

Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)

Shri Sanjay Puri, Hon’ble Member (Technical)

NCLT, Hyderabad Bench, Court-II IA (IBC) No 959 of 2019 in CP (IB) No. 12/10/HDB/2017

Date of Order: 23.03.2026

Counsel/Parties present:

For the Applicant : Ms. JVL Bharati, Ld. Counsel

1. The present Application has been filed by the Liquidator of M/s VNR Infrastructures Limited (“ C orporate Debtor ”), seeking directions against the Respondents in respect of amounts withheld pursuant to a

Garnishee Order issued by Respondent No.1.

2. The Applicant submits that the Corporate Debtor had filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (“ C ode ”) seeking initiation of Corporate Insolvency Resolution Process (“ C IRP ” ), which was admitted on 10.02.2017 by this Adjudicating Authority. As no Resolution Plan was approved during the CIRP period, the Corporate Debtor was admitted to liquidation vide order dated 28.08.2017, and the Applicant here was appointed as

the Liquidator by order dated 21.09.2019.

3. It is submitted that the Corporate Debtor was engaged in the execution of railway infrastructure works, including signalling, construction, and road works. At the time of commencement of liquidation, the Corporate Debtor was executing multiple projects and had furnished Performance Bank Guarantees amounting to approximately Rs. 47 Crores. Further, an amount of approximately Rs. 42 Crores was lying with various authorities towards Earnest

Money Deposit (EMD) and Security Deposits.

4. The Applicant submits that, Respondent No.3 had awarded multiple contracts to the Corporate Debtor. One such contract, bearing Agreement No.18/CAO/C/SC/2014, pertained to the construction of new bridges between Bidar and Gulbarga. In connection with the said contract, the Corporate Debtor executed the works and raised bills

amounting to approximately Rs.180 Lakhs.

Page 2 of 7

NCLT, Hyderabad Bench, Court-II IA (IBC) No 959 of 2019 in CP (IB) No. 12/10/HDB/2017

Date of Order: 23.03.2026

5. According to the Applicant, during the course of execution of the works, an amount of approximately Rs.3 Crores became payable to the Corporate Debtor by Respondent No. 3. However, Respondent No.2 informed the Applicant that Respondent No.1, being the Provident Fund Authority, had issued a Garnishee Order dated 12.07.2016 directing deduction of an amount of Rs.1 Crore from the bills payable

to the Corporate Debtor towards alleged provident fund dues.

6. It is submitted that the said Garnishee Order dated 12.07.2016 was issued by Respo