2025 (4) TMI 1789

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....ferred in CP(IB)/25(CHE)2022, before the Learned NCLT, Chennai. In the IA thus preferred by the Appellant, he had sought the following prayers: - "Direct the Respondent to pay Rs. 40,98,41,115.76 towards: i) Substation Maintenance charges of Rs. 2,49,74,700 incurred the Corporate Debtor on behalf of the Respondent for evacuating power produced by the windmills of the Respondent; Performance Bank Guarantee of Rs. 40.00.000 by the Respondent after the contract ii) The unauthorized invocation of the period expiry and during the liquidation process of the Corporate Debtor; iii) Retention amount of Rs. 33.25 Crores of the Project Contract Amount by the Respondent despite completion of the project; and iv) The ....

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....ered financial loss, which consequently affected the payment schedule to the suppliers of the Corporate Debtor leading to the default committed by the Corporate Debtor, on its credit obligations. This resulted into initiation of the insolvency process; a moratorium was declared by an order of 14.10.2022, by an order as it was passed in CP(IB)/25(CHE)2022, appointing the Resolution Professional. As no resolution plan was approved, liquidation of the Corporate Debtor was ordered on 12.10.2023 and the liquidator was appointed. The Appellant is the second liquidator, appointed on 30.11.2023. 4) After taking over, the Appellant identified certain receivables from the Respondent and sent notice for payment of the said amount to the Respondent.....

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.... out of the work executed under the terms of the contract and that as per the admission of the Appellant, since, the contract contained an Arbitration Clause, which provided for the disputes redressal forum to be agitated before the arbitrator to be appointed in accordance with the process contemplated under the contract. The Tribunal observed that since it was a triable issue, which engages consideration of fact and which could only be settled after establishment of the liability of payment of maintenance charges and other claims raised by him, which requires determination, it may not be falling to be considered within the ambit of the provisions of the I&B Code. The contentions of Learned Adjudicating Authority cannot be faulted because: ....