M. Venugopal#Shreesha Merla#
20NL1000MiscellaneousMANUShreesha Merla,TRIBUNALSAbsence#Acceptance#Account#Accounting#Accounting Standard#Accounting Standards#Acknowledgement#Acknowledgement of Debt#Act#Adjudicating Authority#Admission#Advance#Agreement#Any Person#Appeal#Appellate Tribunal#Application#Approval#Arrangement#Article#Asset#Assets#Assign#Assignee#Assistant Commissioner#Attempt#Authority#Balance Sheet#Bank#Bankruptcy#Bench#Benefit#Bid#Board#Bond#Bonds#Borrowing#Breach#Capital#Case#Challenge#Charge#Claim#Claims#Clarification#Commercial#Commissioner#Communication#Company#Component#Concession#Condition#Conduct#Consent#Consideration#Consortium#Construction#Contract#Control#Conversion#Convert#Converted#Convertible Debenture#Corporation#Cost#Coupon#Credit#Credit Facility#Creditor#Creditors#Currency#Date#Date Of#Debenture#Debentures#Debt#Debtor#Decision#Default#Definition#Delay#Demand#Demand Notice#Derivative#Direction#Discount#Domestic#Due#Enterprise#Entry#Equity#Equity Share#Equity Share Capital#Estate#Evidence#Exchange#Executed#Execution#Express#Extension of Time#Facility#Factual Matrix#Filing#Finance#Financial Assistance#Financial Institution#Financial Instrument#Financial Statement#Foreign currency#Foreign Investment#Form#Fund#Grant#Guarantee#Guideline#Guidelines#Guiding Principle#Hire#Hire Purchase#Holder#Holding Company#Housing#In Connection With#Income#Indemnity#India#Information#Insolvency#Insolvency Proceeding#Institution#Instruction#Instrument#Intent#Intention#Intention of the Parties#Interest#Interest Free#Interpretation#Investment#Investor#Issue#Judgment#Jural Relationship#Lapsed#Lease#Letter#Letter of Credit#Liability#Liberty#Liquidation#Liquidation Proceeding#Liquidator#Loan#Maintenance#Majority#Market Value#Master#Material#Material on Record#Maturity#Meeting#Member#Month#National#Nature#Notice#Obligation#On Receipt#Option#Order#Ownership#Parent Company#Parties#Pass#Payable#Payment#Period#Person#Petition#Pledge#Policy#Position#Premium#Prescribed#Price#Principal#Principle#Principles#Proceeding#Proceedings#Process#Prohibited#Proposal#Prospective#Protection#Provisional#Public#Purchase#Rate#Reason#Receipt#Receivables#Reconstruction#Record#Recovery#Recovery Proceeding#Redemption#Reference#Refused#Rejection#Relationship#Remedy#Resolution#Revenue#Right#Rights#Sale#Sale Proceed#Sale Proceeds#Security#Service#Share#Share Capital#Shareholder#Shares#Similar#State#Statement#Status#Stock#Subscription#Tax#Terms#Title#Treatment#Tribunal#Trust#Undertaking#Value#Vote#Voting#Voting Right#Winding Up2023-6-12692446,26299,692402,692385,692388,377152 -->
MANU/NL/0540/2023
IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL, CHENNAI BENCH
Company Appeal (AT) (CH) (Ins.) No. 108/2023
Decided On: 05.06.2023
Appellants: IFCI Limited Vs. Respondent: Sutanu Sinha and Ors.
Hon'ble Judges/Coram:
M. Venugopal, J. (Member (J)) and Shreesha Merla JUDGMENT
Shreesha Merla, Member (T)
1. This Appeal is preferred by IFCI Limited under Section 61 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'Code') against the Impugned Order dated 14/03/2023 passed by the National Company Law Tribunal, Hyderabad Bench - II, Hyderabad in IA(IBC)/1465/2022, whereby the Adjudicating Authority has dismissed the Application filed by the Appellant herein challenging the rejection of its Claim by the 1st Respondent/ the Resolution Professional (RP).
2. Briefly put, the facts as mentioned in the Application, which was dismissed by the Adjudicating Authority, are that IVRCL Limited had won the bid for undertaking Construction, Operation and Maintenance of a Project under 'National Highway Authority of India' ("NHAI") in April 2009, subsequent to which the concession Agreement dated 25/03/2010 was entered into between NHAI and 'IVRCL Chengapalli Tollways Limited' ("ICTL") for execution of the Project. IFCI agreed to provide financial assistance to the Corporate Debtor through 'Compulsorily Convertible Debentures' ("CCDs") and subsequently the 'Letter of Intent' ("LOI") / 'Sanction Letter', dated 28/09/2010 was issued and the Ap........