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TMI Blog2025 (2) TMI 854X X X X Extracts X X X X X X X X Extracts X X X X ..... , agreements, permissions, clearances, registration, plant and machinery, utilities, vehicles, furniture, accessories and related infrastructure as well as all intellectual property and goodwill. In Ghanshyam Mishra [2021 (4) TMI 613 - SUPREME COURT], the dominant object of Insolvency and Bankruptcy Code, 2016 was discerned, to be the revival of the Corporate Debtor, and make it a running concern and this contemplated a preparation of resolution plan based upon the out put of the Company of Creditors (COC) - A clear position of law has emerged from the said decision to the effect that on the date of the approval of the resolution plan by the Adjudicating Authority, all such claims which are not part of the plan shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim which is not part of the resolution plan. The aforesaid decision revolves around the resolution plan and the finality attached to it under the Code and do not deal with the liquidation proceedings. The agreement is signed between the liquidator and Mr. Swapnil Wagchoure as a proprietor of M/s Swapnil Electricals and Contractors, is accompanied with the Sche ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... torate General Married Accommodation Project, published a tender for construction of residential accommodation for defence personnel at Mumbai (Navy and Air Force) along with 'Instructions to Tenderer(s)' comprising of the general instructions and highlighting the scope of the work with an estimated cost of Rs. 54.57 Crores. The documents contemplated that the tender shall be based on drawing, specifications, for which lum-sum shall be quoted by the tenderer in form of item rate. The petitioner company engaged in construction business, participated in the tender and was awarded the work for contract amount of Rs. 44.37 Crores on 9/06/2011. According to the petitioner, it proceeded with the work in terms of the work order and was successful in finishing substantial portion of the work within stipulated timelines in the contract, but faced numerous difficulties which are entirely attributed by it to the respondent, the significant factors being: (i) Encumbrance free site was not made available by the respondent during the initial stages; (ii) Estimates prepared in respect of the subject contract were entirely unrealistic; (iii) Deviation orders for the subject contract not f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red and the petition has highlighted the same in a sequential manner. 7. On account of the financial distress suffered by the petitioner company, one Soorajmull Baijnath Pvt. Ltd, set in motion the Corporate Insolvency Resolution Process (CIRP) alleging that Pingle Builders Pvt Ltd, a corporate debtor has committed default in making payment to the extent of Rs. 9,30,05,085/- invoking Section 9 of the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal, Mumbai on 19/07/2018, admitted the petition and imposed a moratorium under section 14, with effect from 19/07/2018, till completion of the corporate insolvency resolution process or until approval of the resolution plan under sub-section (1) of Section 31 or passing of an order for liquidation of corporate debtor under Section 33, as the case may be. Mr. Shrikant Zawar, was appointed as an Interim Resolution Professional (IRP) to carry out the functions as mentioned under the IBC. 8. The Resolution Professional filed an Interim Application No. 1506 of 2019 under Section 33 of the IBC, before NCLT Mumbai, on the ground that no resolution plan has been approved and the Committee of Creditors had unanimously decide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e interregnum, when the petitioner was undergoing CIRP, the petitioner also approached the District Court at Nashik, by filing Arbitration Application No.4 of 2019, under Section 9 of the Arbitration and Conciliation Act, 1996, seeking redressal against the action of the respondent in cancelling the work contract vide order dated 31/01/2018, and seeking a restrain order from appointing any new agency/contractor to complete the balance work till the final adjudication of the arbitration proceedings. The district court on 13/08/2019 allowed the Interim Application restraining the respondent from not allotting the tender to any bidder, who has submitted the bid for completion of the work of construction of dwelling units at Colaba, Mankhurd, Kalina and Santacruz, in pursuance of the e-tender published on 17/07/2019, however, by judgment dated 10/02/2021, the District Judge Nashik, rejected the arbitration application by recording that no prima facie case or balance of convenience lies in favour of the applicant for any interim relief, as he can always apply for damages, if the contract was illegal contract, but on the other hand if the contract is stayed the respondent would suffer ir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioner as the petitioner has no legal existence as on date, as it has been replaced by M/s Swapnil Electrical and Contractors, who has entered into an agreement for sale of Corporate Debtor as a going concern under liquidation and the agreement is signed between the liquidator and Mr. Swapnil Wagchoure as a proprietor of M/s Swapnil Electricals and Contractors. The said agreement is accompanied with the Schedules as regards the assets and liabilities of the Corporate Debtor and it clearly record that all the contracts in favour of the Corporate Debtor were terminated by the respective Government Department prior to initiation of CIRP, and when the liquidator filed an appeal in the pending IBC proceedings, for revocation of the termination of contract and permission to execute it in favour of the Corporate Debtor, NCLT granted a stay on further action by the respective Government Departments in any of the concerned contract. The Government Departments forwarded recovery notices of more than INR 100 Crore against the terminated contract, which was allowed to be dealt with subsequently. The acquirer empathizing with the situation of the operational creditor offered an amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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