1. The present Interlocutory Application has been filed by the SS Rail Works Pvt. Ltd (“ A pplicant ”) under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“ C ode ”) against M/s. VNR Infrastructures Ltd (“ C orporate Debtor ” ), represented by its Liquidator (“ R espondent ”), seeking a direction against the Respondent to accept the measurements and final bills submitted by the Applicant in respect of the subcontract works executed under the principal contract awarded by the North East Frontier Railway Authorities and thereafter submit the same before the N.F. Railway Authorities for the release of payment of Rs. 1,58,00,000/-, and upon receipt thereof, to release the said amount in favour of the Applicant.

Applicantion

2. The Applicant submits that the Corporate Debtor has obtained contracts from North East Frontier R ailway (“ N .F.Railways ” ), Maligaon, Guwahati, for the construction of the substructure of major bridges i n Tripura state. The Corporate Debtor had entered into a Sub-Contract Agreement 1, ANNEXURE A-1  dated 15.07.2015 with the Applicant on “end-to-end” basis for execution of works valued at Rs. 49,13,18,683/-. The Applicant asserts that, considering t