IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH-II KOLKATA Date of Order:27.02.2026 In the Matter of:

Cross Marketing, a partnership firm, having its registered office at 161/1, Mahatma Gandhi Road, Room No.83A, 3d Floor, Kolkata - 700007. Applicant/Operational Creditor Versus Bridge & Roof Company(India) Ltd.

A company within the meaning of Companies Act, 2013, having its Registered office at 2/1, Russel Street, Park Street Area, Kolkata-700 071.

Respondent/Corporate Debtor Coram: Labh Singh Hon’ble Member(Judicial) Rekha Kantial Shah Hon’ble Member(Technical)

Present:

ORDER Labh Singh Member(Judicial)

1. The instant application has been filed under Section 9 of the IBC Code 2016 by the applicant partnership firm, claiming itself to be operational creditor, seeking initiation of CIRP against the Respondent company/Corporate Debtor, M/s Bride & Roof Company(India) Limited (hereinafter to be referred as “Corporate Debtor”), for the alleged default of Rs. 1,40,36,218.71/-(Rupees One Crore Forty Lakh Thirty Six Thousands Two Hundred Eighteen and Paisa Seventy One Only) outstanding as on 31.03.2024 on account of supply of welding electrodes and executed fabrication and painting works to the corporate debtor.

2. Briefly stated the facts of the present case are that the applicant, a registered partnership firm, is engaged in the business of supply of welding electrodes and accessories ancillary thereto. The applicant, apart from the aforesaid supply work, is also engaged in the business of construction and maintenance of industrial facilities, such as refineries, chemical plants, power plants, steel plants, etc.

2.1. The Corporate Debtor, in its usual course of business, issued multiple notices dated 02.09.2021, 03.12.2021, 04.12.2021, 09.12.2021, 27.01.2022, 04.03.2022, and 22.11.2022 (Collectively Annexure-1-F) inviting tenders (NIT) for fabrication of structural steel outside the HRRL Plant for HPCL Rajasthan Refinery Limited, HRRL Project Site, Pachpadra, District Barmer, Rajasthan. The applicant, in pursuance to the said notices, submitted its bid and upon acceptance of bid, the applicant was declared successful bidder by the Corporate Debtor.

2.2. The Corporate Debtor issued letter of intents (for short “LOIs”) dated 07.10.2021, 30.12.2021, 01.01.2022, 21.02.2022, 28.03.2022, and 12.12.2022 collectively marked as Annexure-1-G in favour of the applicant for fabrication of structural steel outside HRRL Plant for HPCL Rajasthan Refinery Limited. The Corporate Debtor, in terms of general condition of contract, has to deduct and retain 5% of gross value of the bills with the Company towards security deposit for the due performance of the contractors' obligation under the contract. The said security deposit to the tune of 5% of the gross value of the bills was to be refunded and released to the contractor after expiry of the defect liability period of the contract. The said defect liability extended for a period of 12 months after the date of issuance of completion certificate by the Engineer-in-Charge.

2.3. The term of payment as per special condition of the contract provided 95% to be paid after fabrication and delivery at the site and remaining 5% after completion of B&R work in all respects. The said progress payments were subject to income tax and other deductions as per contract.

2.4. After completion of the entire work to the satisfaction of the Engineer, the Contractor had to submit a Final Bill giving an abstract of detailed measurement for the various terms of work executed for verification and certification of Engineer. The payment of final bills were to be made within a period of 45 (forty-five) days from the date of receipt of certified bills for acceptance of the work by the Owner and subject to payment release by BIL/HRRL for work. The security deposit being 5% (five per cent) of Gross value of the Bills were required to be deducted by cash and retained with the Company for due and faithful performance of the contractor's o