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NCLT, BENGALURU BENCH C.P. (IB)No.10/BB/2021
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BEFORE THE NATIONAL COMPANY LAW TRIBUNAL
BENGALURU BENCH
C.P. (IB)No.10/BB/2021
U/s.9 of IBC, 2016
R/w Rule 6 of I&B (AAA) Rules, 2016
Between:
Pratibha Industries Limited
Shrikant Chambers, Phase II,
5th Floor, Sion – Trombay Road,
Next to R.K.Studio,
Chembur, Mumbai – 400 071
Through Mr. Anil Mehta.
Resolution Professional
- Petitioner/Operational Creditor
And
Amrutha Constructions Private Limited
No.384/A, Sindhura Apartments,
RMV II Stage, II Block,
Ashwathnagar,
Bengaluru – 560 094
-
Respondent/Corporate Debtor
Order Pronounced on: 05th April, 2021
Coram: 1. Hon’ble Shri Rajeswara Rao Vittanala, Member (Judicial)
2. Hon’ble Shri Ashutosh Chandra, Member (Technical)
Parties/Counsels Present:
For the Petitioner
:
Shri Shrishail Navalgund
For the Respondent
:
Shri S. Vivekananda a/w.
Shri Theerthesh B.S
O R D E R
Per: Rajeswara Rao Vittanala, Member (Judicial)
1.
C.P.(IB)No.10/BB/2021 is filed by Pratibha Industries Limited U/s.9
of the IBC, 2016, R/w Rule 6 of I&B (AAA) Rules, 2016, by inter alia
NCLT, BENGALURU BENCH C.P. (IB)No.10/BB/2021
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seeking to initiate Corporate Insolvency Resolution Process (CIRP) in
respect of Amrutha Constructions Private Limited, on the ground that
it has committed default for total amount of Rs.6,22,83,007/- (Rupees
Six Crore Twenty Two Lakhs Eighty Three Thousand Seven only)
which includes principal amount of Rs.5,38,01,273/- and interest
amount of Rs.84,81,734/-.
2.
Brief facts of the case, as mentioned in the instant Company Petition,
which are relevant to the issue in question, are as follows:
(1)
Pratibha Industries Limited (hereinafter referred to as Petitioner/
Operational
Creditor/PIL),
is
public
Limited
Company
incorporated on 19.07.1995. It is involved in the business of
infrastructure and development including designing, engineering
and construction of complex and integrated water transmission
and distribution projects etc.
(2)
Amrutha Constructions Private Limited (hereinafter referred to as
Respondent/Corporate Debtor/ACPL), is a Private Limited
Company,
was
incorporated
on
11.09.2006,
under
the
Companies Act, 1956 bearing CIN:U45200KA2006PTC040465.
Its Authorized Share Capital is Rs.25,00,00,000/- and Paid-up
Share Capital is Rs.24,60,00,000/-. It is involved in the business
of construction of minor irrigation tanks, barrages, bridge cum
barrages, canals aqueducts etc.
(3)
Bank of Baroda, Financial Creditor, has filed C.P. No.(I&B)
3558LT/NCLT/MB/MAH/2018, U/s.7 of Code against Pratibha
Industries Limited, before Hon’ble NCLT, Mumbai Bench, which
was admitted by an Order dated 01.02.2019, by initiating CIRP
in respect of CD therein appointing Shri Sunil Kumar
Choudhary, as IRP, imposing moratorium etc. Subsequently,
Mr. Anil Mehta was appointed as Resolution Professional in place
of Sunil Kumar Choudhary.
NCLT, BENGALURU BENCH C.P. (IB)No.10/BB/2021
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(4)
On 06.06.2017, the Petitioner entered into a Memorandum of
Understanding (“MoU”) with the Corporate Debtor to form a joint
venture to participate in the tender issued by Krishna Bhagya
Jala Nigam Limited (“KBJNL”). The MoU entailed the terms and
conditions the Petitioner and the Corporate Debtor would agree
upon, if the tender issued by KBJNL was awarded to them. In
pursuant to MoU, both the Parties have entered into Joint
Venture Agreement (“JV Agreement”) by way of which both the
Parties applied for the KBJNL’s tender for survey, investigation,
design, supply, erection, testing and commissioning of required
number of metallic volute pu
