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TATA Capital Financials Services Limited vs M/s. Consolidated Construction Consortium Limited

National Company Law Tribunal · Decided on 20 April 2021 · Citation: (2021) 04 NCLT CK 0030

HON’BLE JUDGES
R. Varadharajan, J · Anil Kumar B, Member (Technical)
ACTS & SECTIONS REFERRED
Insolvency And Bankruptcy Code, 2016 — Section 7 · Insolvency And Bankruptcy (Application To Adjudicating Authority) Rules, 2016 — Rule 4
RESULT
Disposed Of
CASE NUMBER
IBA/228 Of 2019
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Judgment

4 paragraphs · 298 words
1.

This Application has been filed by one M/s. TATA Capital Financials Services Limited (hereinafter referred to as 'Operational Creditor') on 31.01.2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s. Consolidated Construction Consortium Limited (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP).

2.

Heard Learned Counsel for the parties and perused the documents including the pleadings placed on record. The Financial Creditor has claimed the total amount of Rs.24,95,99,977/- as outstanding against the Corporate Debtor, as on 21.01.2019.

3.

An Application filed under Section 7 of the I&B Code, 2016 by another Financial Creditor viz. State Bank of India in IBA/483/2020 is being admitted by this Authority vide Order dated 20.04.2020 and Corporate Insolvency Resolution Process (CIRP) having been initiated against the Corporate Debtor and one Mr. Krishnasamy Vasudevan, with Registration Number: IBBI/IPA-001/IP- P00155/2017-18/10324 (email id:- cavasu1967@gmail.com) is appointed as Interim Resolution Professional (IRP). Under the circumstances, we direct the Financial Creditor to lodge the claim as made in this Application before the said IRP within the time limit as specified under the provisions of the I&B Code, 2016, and upon lodging the claim by the Financial Creditor, the IRP to consider the claim on merits and in accordance with the I&B Code, 2016 and other applicable laws, if any. In case, the order in IBA/483/2020 passed by this Authority is set aside by any of the Appellate Authority, liberty is granted to the Financial Creditor to revive this Application before this Authority.

4.

With the above directions, this Application stands closed.