TaxTMI 
TaxTMI 
2025 (2) TMI 854
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....e General Married Accommodation Project, New Delhi, in cancelling the contract awarded to it on 9/06/2011, on the ground of delay in its completion by order dated 1/02/2018, and also being aggrieved by the issuance of fresh tender calling bids from eligible persons for completion of the incomplete work. Heard learned counsel Ms. Madhavi Nalluri for the petitioner and Mr. Y.S. Bhate for the respondent. Rule. Rule made returnable forthwith. 2. The Directorate 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 e....
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....at the delay was entirely attributable to the respondent but on 1/02/2018 the petitioner received a communication informing that the contract awarded in its favour has been cancelled, and issuing directions to make an inventory of complete/incomplete items of works and materials, and further directing that the property on which the construction activity was being carried out shall be safeguarded until further orders. 4. The petitioner raise a grievance that the termination of contract by the impugned letter is a unilateral act and is based on false, frivolous and unsubstantiated grounds, and is in complete violation of the contract executed between the parties. The communication addressed to the petitioner assigned a cause for terminatio....
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....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 bee....
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....t limited to current assets, deposits, loans and advances, secured to or available with the Corporate Debtor as also all statutory and regulatory approvals, license, agreements, permissions, clearances, registration, plant and machinery, utilities, vehicles, furniture, accessories and related infrastructure as well as all intellectual property and goodwill. The agreement clearly recorded that in consideration of vesting of the Corporate Debtor in the Acquirer in terms of the agreement, the acquirer shall pay a sum of Rs. 32,00,000/- to the bank account specified by the liquidator and the existing directors of the Corporate Debtor shall be replaced by the new directors mentioned therein. The agreement also contain a clause as regards Cond....
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....rces would be further delayed, as it was to be completed in the year 2013, as per the work order dated 20/06/2011. 12. The learned counsel for the petitioner would submit that once the corporate debtor has been taken over by the acquirer, who admittedly is not a petitioner before us, it shall continue the action of raising a challenge to the cancellation order, and also the invitation of fresh tenders by the respondent for completing the unfinished work. The learned counsel would submit that the petitioner is entitle to participate in the fresh tender, in view of the fact that the petitioner company has been acquired as a going concern in liquidation pursuant to the execution of Acquisition Agreement, in accordance with relevant provisio....
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....nder as to how the principle in Ghanshyam Mishra, would come to the rescue of 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 liqui....