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TMI Blog2023 (3) TMI 1284X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 in CP (IB) No. 294/7/HDB/2017, Sree Ganesh Constructions / the 'Operational Creditor' preferred this 'Appeal'. The 'Adjudicating Authority', had dismissed the 'Application', filed by the 'Appellant' herein, seeking a direction to the 'Respondent / Liquidator' of 'M/s IVRCL Limited' / the 'Corporate Debtor', to pay a sum of Rs.1,36,75,392/-. 2. The Learned Counsel for the 'Appellant' strenuously contended that vide 'Order' dated 23.02.2018, the 'Adjudicating Authority', had initiated the 'Corporate Insolvency Resolution Process', against the 'Corporate Debtor Company', and subsequently on account of the fact that, there were no 'Resolution Plans' received, the 'Application', seeking Liquidation of the Company, was allowed by the 'Adjudica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of TDS) ii. On Price Escalation-5% (inclusive of TOS) (a) IVRCL shall deduct taxes, duties and levies as applicable on gross value of the bills certified by the Employer from Sub Contractor's running account hills (the "RA Bills") and in the event of any excess/less being/ levied/ recovered by the Employer from IVRCI, the same shall be adjusted accordingly from Sub Contractor. (b) In the event of the workers welfare Cess @ one (1%) percent being deducted at source by the Employer from the RA Bills of IVRCL, the same shall be deducted by IVRCL from the R.A. Bills of Sub Contractor. 8.2 The Parties agree that the payments received from the Employer shall be deposited into an escrow account opened in the name of IVRCL (the "Es ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The 'Corporate Debtor Company', has made the payments to the 'Appellant' for all the previous bills but did not release the amounts towards the 12th and final bill. The amounts legitimately belonged to the 'Appellant' as the said amount pertains to the period after the initiation of 'CIRP', and therefore should be treated as 'CIRP' expenses. 8. It is argued that as the amount is admitted by the 'Resolution Professional' and the 'Liquidator', it is construed that the Company, had received the money from the 'Employer' and the same is due to be transferred to the 'Appellant' herein. It is contended that the 'Adjudicating Authority', failed to appreciate that the amount claimed by the 'Appellant', is an asset of the 'Appellant' and the invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the extension. As per the 'Terms of Agreement', admittedly, the 'Appellant' is entitled to receive 95% of the amount after the full amount is received by its Employer and the remaining 5%, is to be retained with the 'Corporate Debtor'. It is not in dispute that 11 invoices issued by the 'Appellant' in favour of the 'Corporate Debtor' for payment of the sub-contract work was already paid by the 'Corporate Debtor'. 12. The main issue raised in I.A. No. 454 of 2020, filed by the 'Appellant', before the 'Adjudicating Authority', was regarding payment of the Pending Amount of the 12th Invoice dated 21.09.2018, which was raised subsequent to the 'CIRP' initiation date i.e. 23.02.2018. It is the case of the 'Resolution Professional' that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the 'Resolution Professional' or the 'Liquidator', as the case may be. In the instant case, the 'Appellant', had filed the Form C for 'Admission of the Claim', in relation to the pending amount 26.08.2019, one day after the last date for submission of the claim. The Liquidator had sent an email that the claim submitted by the 'Appellant', cannot be considered by the Liquidator as it is filed after the expiry of the last date for submission of the 'Claim'. 17. The 'Application' I.A. No. 454 of 2020 pertains to release of the 'Pending Amount', and not in relation to the 'Admission of the Claim, filed by the 'Appellant', for the 'Condonation of the Delay'. Therefore, this 'Tribunal', is of the considered view that there are no substanti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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