TaxTMI 
TaxTMI 
TaxTMI 
2024 (1) TMI 460
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....he Respondents : Mr. Gauhar Mirza , Ms. Hiral Gupta , Ms. Sukanya Singh , Advocates JUDGMENT ASHOK BHUSHAN , J. 1. This Appeal has been filed by the Liquidator of Corporate Debtor challenging the Order dated 09th October, 2023 passed by National Company Law Tribunal, Chandigarh Bench, Chandigarh (hereinafter referred to as 'The Adjudicating Authority") in I.A. No. 1626 of 2022 filed by the Liquidator under Section 66 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'The Code'). 2. Brief facts of the case giving rise to this Appeal are:- i. National Highway Authority entered into a Concession Agreement with Soma Isolux Varanasi Aurangabad Tollway Pvt. Ltd. (hereinafter referred to as "Concessionaire') to const....
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....tiate arbitration proceedings against the Respondent with regard to NH-2 Project. vi. There were certain conciliation meetings between the Liquidator and the Concessionaire during the period. In I.A. No. 609 of 2021 the Respondent No. 1 the Concessionaire was also impleaded as one of the Respondent for which I.A. No. 96 of 2022 was filed which was allowed by the Adjudicating Authority. On 3rd November, 2022 Liquidator filed I.A. No. 1626 of 2022 under Section 66 read with section 67 of the Code relying on the transaction audit report in which application the Respondent No. 1 herein was Respondent No. 8. On 3rd July, 2023 I.A. No. 609 of 2021 was allowed and disposed of granting leave to the Liquidator to initiate proceedings under arbitra....
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....spondent No. 8 in Application under Section 66 because allegation are only with regard to invocation of bank guarantee which is also subject matter of the arbitration claim as submitted by the Liquidator. It is submitted that the Adjudicating has rightly taken the view that Liquidator cannot be allowed to pursue two proceedings simultaneously. It is further submitted that Liquidator has not even filed any arbitration proceeding even though leave was granted on 3rd July, 2023. 5. We have considered the submissions of Learned Counsel for the parties and have perused the record. 6. I.A. No. 609 of 2021 was filed by the Liquidator where following prayers have been made: "A. to authorize the Liquidator/Applicant to institute Arbitration to e....
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....en Lakh Ninety Six Thousand Only)" 8. Learned Counsel for the Appellant has submitted that Section 66 Application has been filed against the Respondent No. 1 where Appellant is alleging wrongful and fraudulent invocation of guarantee by the Concessionaire hence the Adjudicating Authority ought not to have deleted Respondent No. 1 from the Section 66 Application. I.A. No. 609 of 2021 was filed by the Liquidator where details of all claims including invocation of bank guarantee was included in the Application. The claims which have been mentioned in the Application against the Concessionaire are to the tune of Rs. 570.14 Crores. The Adjudicating Authority have already granted leave to the Liquidator to proceed in arbitration against the Con....