2024 (8) TMI 1709

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....tes for R-1. and Mr. Rahul Sharma. Mr. Achin Goel, Advocate for R-2/SRA. ORDER Per: Justice Rakesh Kumar Jain (Oral) I.A. No. 187 & 188 of 2024 in Comp. App. (AT) (Ins) No. 59 & 60 of 2024:- This application is filed for seeking Condonation of Delay in filing the appeal. Notice is the application was issued on 24.01.2024. Counsel for Respondent No. 1 has submitted that he is not the contesting Respondent. Counsel for Respondent No. 2 who is the Contesting Respondent has submitted that he does not want to file any Reply to the said application. We have perused the application and found that sufficient reasons have been assigned for the purpose of condonation of delay, hence the application is hereby allowed and the delay is condo....

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....was appointed as IRP and then RP. The resolution plan submitted by Rishabh Jain was approved by the Adjudicating Authority on 23.08.2023. However, Jalesh Kumar Grover was appointed as Monitoring Professional of the Monitoring Committee in the matter of the Corporate Debtor. 4. The appellant is a Public Sector Undertaking, appointed Corporate Debtor as a sub-contractor for carrying out certain projects, namely, National Institute of Design at 70-73 Kurukshetra, Haryana and Security Police Line at 74-77 Bapudham, Chanakyapuri, New Delhi. 5. The Corporate Debtor executed a Performance Bank Guarantee (PBG) in favour of the appellant in respect of both the projects. 6. Shorn of unnecessary details, I.A. Nos. 154/2021 and 652/2021 came t....

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....ecognizing the rights of the NBCC to invoke the provisions of the contract accepted by the corporate debtor by its letter dated 12.11.2016, we observe that this Tribunal is not the forum to adjudicate the contractual issues between the parties. The main concern of this Adjudicating Authority is to ensure that the CIRP is concluded smoothly without any disruption. In this context, we note that as per the admission of the respondent itself demand notice from the corporate debtor have been received and payments will be made to the corporate debtor after carrying out reconciliation of the demand notices with their accounts Sufficient time has elapsed in this regard. The respondent is directed to make the payments after reconciliation for the wo....

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....weeks as provided therein rather they have filed the appeal against the order dated 24.05.2023 before the Appellate Authority, therefore, the invocation of the PBG may be stayed. 12. Ld. Tribunal, as an interim order, directed that status quo regarding the invocation of the bank guarantee be maintained by the parties till the next date of hearing. 13. While arguing the first appeal, Sr. Counsel Sh. Anil Kumar Airi has submitted that the Tribunal has committed a patent error in issuing a direction to the appellant to make payment after conciliation of the work done by the Corporate Debtor within three weeks. It is submitted that on the one hand, the Tribunal has observed in Paragraphs 18 & 19 that the invocation of the PBG by the appel....