2020 (12) TMI 877

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.... certain portion of the Kochi Metro Project. Era-Infrastructure Engineering Ltd. (EIEL), one of the partners in the Joint Venture and in charge of the construction, had entered into agreements with the petitioners. The agreement with the petitioner in W.P(C). No. 20568 of 2018 is for piling and the other civil works, with the petitioner in W.P(C). No. 18574 of 2018 for the supply of crushed materials and the petitioner in W.P(C). No. 12463 of 2019 for supply of steel and other materials. 2. Heard learned counsel for the petitioners and the learned Standing Counsel for the DMRC. 3. Leading the arguments on behalf of the petitioners, learned counsel Sri. S. Easwaran submitted that even though the agreements were entered into between the....

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....esolution Professional (IRP) is put in charge of its affairs and moratorium under Section 14 of the Insolvency and Bankruptcy Code has also been declared. It is pointed out that in terms of the contract entered into between DMRC and Era-Ranken JV, a bank guarantee of Rs. 17,09,12,913/- was submitted as security, which has been encashed by the DMRC and an amount of Rs. 41,61,465/- retained as security deposit for realisation of the amounts due. It is stated that going by the estimates, the amount due from Era-Ranken JV is likely to exceed the amount retained as security deposit. 5. Learned counsel for the DMRC reiterated the contention of there being no privity of contract between the DMRC and the petitioners and of the writ petitions bei....