Ntpc Limited vs Vineet K Chaudhary

NTPC Ltd. ....Appellant Vs. Vineet K. Chaudhary, Liquidator of Petron ...Respondent Engineering Construction Ltd. For Appellant Mr. Adarsh Tripathi, Mr. Vikram Singh Baid, Mr. Ajitesh Garg, Advocates. For Respondent Mr. Sandeep Bajaj, Mr. Soayib Qureshi, Mr. Rishabh Dua, Mr. Mayank Biyani, Advocates. Mr. Vineutk Chaudhary, Liquidator Mr. Parijal, Mr. Vishal Nagpal, Advocates.

ORDER

(Hybrid Mode)

18.10.2024: Heard Learned Counsel for the Appellant as well as Counsel appearing for the Respondent.

2. This Appeal has been filed against the order dated 23.07.2024 passed by the Adjudicating Authority (National Company Law Tribunal) Court II, Mumbai Bench by which Adjudicating Authority in paragraph 11 has passed following order:-

"11. In view of the above discussion, we are of the considered opinion that this application deserves to be partly-allowed directing the Respondent to pay the admitted liability of INR 12,36,28,455/- to the Applicant forthwith. For the remaining amount, permission is hereby granted to the Liquidator u/s 33(5) of the Code to initiate appropriate legal proceedings. The Application is partly- allowed to the extent indicated above, leaving the parties to bear their own costs."

2 3. Counsel for the Appellant submits that the admitted liability which Appellant was to pay was only Rs.11,17,20,754/-, hence, the Adjudicating Authority ought not to have directed for payment of Rs.12,36,28,455/-.

4. We have permitted the liquidator to file an Affidavit. Affidavit has been filed by the Respondent. In paragraph 7 of the Affidavit, following has been stated:-

"7. I state that in view of the facts as stated above, the Respondent craves leave of this Hon'ble Tribunal to direct the Appellant to release the admitted amount to the tune of Rs.11,17,20,754/- (Rupees Eleven Crore Seventeen Lakhs Twenty Thousand Seven Hundred and Fifty Four only) and for the remaining amounts to be recovered from the Appellant, the Respondent prays that the order dated23.07.2024 passed by the Learned Adjudicating Authority may not be interfered with."

5. With regard to admitted amount, there is no dispute between the parties that the admitted amount is Rs.11,17,20,754/-. We, thus, are of the view that the direction of the Adjudicating Authority in paragraph 11 deserves to be modified to the extent that direction to make the payment shall confine to Rs.11,17,20,754/-. Rest of the order of the Adjudicating Authority is not interfered with.

6. Appeal is disposed of.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) Anjali/nn Company Appeal (AT) (Insolvency) No. 1815 of 2024 & I.A. No. 6629, 6631 of 2024