2021 (2) TMI 468 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH - Corporate Laws

Head Note / Extract:
Seeking approval of the proposal for settlement of the claims of Fagne Sonagarh Expressway Limited (FSEL) against the National Highways Authority of India (NHAI) and permit Fagne Sonagarh Expressway Limited and National Highways Authority Limited to execute a Settlement Agreement to record the proposal for termination and settlement of claims by Fagne Sonagarh Expressway Limited against National Highways Authority of India - HELD THAT:- The Applicant in CA No. 1166 of 2020 was a subcontractor of the FSEL. The FSEL or its holding company ITNL owes certain amount to the Applicant for the civil works it had executed in the Project which has been classified as financial dues in the proposed Settlement Agreement. Therefore, the Applicant deserves to be admitted as intervenor in CA No. 1156 of 2020. Since the claim of the Applicant is admitted by FSEL the other prayers regarding implementation of Settlement Agreement and claim of dues would merge with the relevant prayers made in CA No. 1156 of 2020 concerning the Applicant-Intervenor. Besides, Hon’ble Justice Mr. D. K. Jain (Retd.) has approved the claim and the proposed Settlement Agreement between the NHAI and FSEL. Provision in the proposed Settlement Agreement has also been made for payment of financial dues to FSEL subcontractors. The proposal for settlement of the claims of FSEL against NHAI and for implementation of Settlement Agreement and other consequential terms as approved by Hon’ble Justice Mr. D. K. Jain (Retd.) needs to be ratified and recorded. Application allowed.