2023 (3) TMI 1284

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....ch-II, Hyderabad in I.A. No. 1027 of 2019 in CP (IB) No. 294/7/HDB/2017, Sree Ganesh Constructions / the 'Operational Creditor' preferred this 'Appeal'. The 'Adjudicating Authority', had dismissed the 'Application', filed by the 'Appellant' herein, seeking a direction to the 'Respondent / Liquidator' of 'M/s IVRCL Limited' / the 'Corporate Debtor', to pay a sum of Rs.1,36,75,392/-. 2. The Learned Counsel for the 'Appellant' strenuously contended that vide 'Order' dated 23.02.2018, the 'Adjudicating Authority', had initiated the 'Corporate Insolvency Resolution Process', against the 'Corporate Debtor Company', and subsequently on account of the fact that, there were no 'Resolution Plans' received, the 'Application', seeking Liquidation of....

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....ll including final bill i. On main works-50;0 (inclusive of TDS) ii. On Price Escalation-5% (inclusive of TOS) (a) IVRCL shall deduct taxes, duties and levies as applicable on gross value of the bills certified by the Employer from Sub Contractor's running account hills (the "RA Bills") and in the event of any excess/less being/ levied/ recovered by the Employer from IVRCI, the same shall be adjusted accordingly from Sub Contractor. (b) In the event of the workers welfare Cess @ one (1%) percent being deducted at source by the Employer from the RA Bills of IVRCL, the same shall be deducted by IVRCL from the R.A. Bills of Sub Contractor. 8.2 The Parties agree that the payments received from th....

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.... 'Response'. 7. 'Form B', was submitted to the erstwhile 'Resolution Professional', on 24.07.2019. The 'Corporate Debtor Company', has made the payments to the 'Appellant' for all the previous bills but did not release the amounts towards the 12th and final bill. The amounts legitimately belonged to the 'Appellant' as the said amount pertains to the period after the initiation of 'CIRP', and therefore should be treated as 'CIRP' expenses. 8. It is argued that as the amount is admitted by the 'Resolution Professional' and the 'Liquidator', it is construed that the Company, had received the money from the 'Employer' and the same is due to be transferred to the 'Appellant' herein. It is contended that the 'Adjudicating Authority', failed....

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....ate Debtor' is dated 10.11.2015 and the works were to be completed by 31.07.2017, subsequent to the granting of the extension. As per the 'Terms of Agreement', admittedly, the 'Appellant' is entitled to receive 95% of the amount after the full amount is received by its Employer and the remaining 5%, is to be retained with the 'Corporate Debtor'. It is not in dispute that 11 invoices issued by the 'Appellant' in favour of the 'Corporate Debtor' for payment of the sub-contract work was already paid by the 'Corporate Debtor'. 12. The main issue raised in I.A. No. 454 of 2020, filed by the 'Appellant', before the 'Adjudicating Authority', was regarding payment of the Pending Amount of the 12th Invoice dated 21.09.2018, which was raised subse....