9911796707
TMI Blog2020 (10) TMI 220X X X X Extracts X X X X X X X X Extracts X X X X ..... (IB) No. 372/7/HDB/2018 - - - Dated:- 27-2-2020 - K. Anantha Padmanabha Swamy , Member ( J ) And Dr. Binod Kumar Sinha , Member ( T ) For the Appellant : T. Sujan Kumar Reddy, V. Papa Rao For the Respondent : M. Anil Kumar ORDER K. Anantha Padmanabha Swamy , Member ( J ) 1. Under consideration is an interlocutory Application bearing IA No. 530 of 2019 filed by the Applicant/Interim Resolution Professional (in short IRP) in the matter of M/s. Indu Projects Limited filed under section 14 60(5) of the Insolvency and Bankruptcy Code, 2016, inter-alia seeking the following reliefs:- i. Grant stay against the award dated 19.03.2019 passed by the Sole Arbitrator/Respondent No. 2 herein in CA No. DG MAP/PHASE-II/UDHAM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BBI. c) That the Applicant herein/IRP had forwarded a copy of the said order dated 25.02.2019 to the sole Arbitrator/R2 by e-mail dated 01.03.2019. The R2 vide its letter dated 19.03.2019 informed both the parties viz., Applicant as well as R1 herein as follows: (3) . due to non co-operation of M/s. IPL in publication of award and after careful analysis of NCLT Hyderabad order, I have made and signed the award on plain papers. Accordingly, a sealed envelope containing 3 sealed covers inside one containing original award and the other two containing a photocopy of original award one meant each for DG MAP and M/s. IPL respectively is being sent to DG MAP. (4) . DG MAP shall take action to file the award in the appropriate forum and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plicant herein in the said application are denied. Further contentions are: a) That applicant did not perform in accordance to terms and conditions of contract and the contract was cancelled by the R1 on 07.08.2013 under clause 48 of the contract at risk and cost of the applicant for execution of the balance/left over work by it. b) That the R1 herein appointed Shri. S.S.Bansal (R2 herein) on 26.10.2016 under clause 60 of the CA as sole Arbitrator, after resignation of erstwhile arbitrator Shri. Satish Chander on 25.02.2015, for adjudication of certain claims amounting (???) 49.32 Crores of R1 for recovery of the extra cost incurred by it for execution of balance work. c) That the arbitral proceedings did commence on 06.09.2017 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the order passed by this Hon'ble Tribunal 6. In view of the submissions made in the affidavit filed by Shri. Brig. Paritosh Shah, DDG 'B' (DGMAP) on behalf of Respondent No. 1, this Adjudicating Authority observes that the R1 itself undertook not to implement the Award passed by the Sole Arbitrator till the end of moratorium as imposed under section 14 of the IB Code, 2016 by admission order dated 25.02.2019 issued by this Adjudicating Authority. The undertaking given by way of an affidavit dated 22.11.2019 is taken on record. Since R1 itself has undertaken not to implement the Award as aforesaid, the prayers made in the instant Application bearing IA No. 530/2019 have become infructuous. Therefore, this IA is closed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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