Pooja Bahry Vs Uttar Pradesh Rajkiya Nirman Nigam Limited (NCLAT Delhi)
The appeal under Section 61(1) of the Insolvency and Bankruptcy Code, 2016 arose from an order dated 26.09.2023 passed by the National Company Law Tribunal, New Delhi Bench-VI. By the impugned order, the Adjudicating Authority dismissed an application filed by the Liquidator seeking directions against two respondents for recovery of certain amounts claimed as dues payable to the Corporate Debtor. Aggrieved, the Liquidator preferred the present appeal.
The Corporate Debtor had been sub-contracted by the first respondent to execute construction of power sub-stations at Khurja, Panwari, and Dharampur pursuant to Letters of Intent. The Corporate Debtor entered Corporate Insolvency Resolution Process on 11.06.2019 and was placed under liquidation on 06.09.2021, with the appellant appointed as Liquidator. The Liquidator asserted that outstanding receivables amounting to ₹172.58 lakh were reflected in the audited balance sheet of the Corporate Debtor and contended that these amounts had crystallised and formed part of the liquidation estate. On this basis, the Liquidator sought directions from the Adjudicating Authority to compel payment into the liquidation account.
The respondents opposed the application, contending that the claims were disputed, contingent, and subject to contractual conditions under the Letters of Intent. It was submitted that payments were conditional upon certification, submission of invoices, approvals, and reconciliation, and that disputes under the contract were required to be resolved through arbitration or appropriate proceedings as stipulated in the contract. The respondents also argued that mere accounting entries in the Corporate Debtor’s balance sheet did not amount to admission of liability.
