Ld’ Adjudicating Authority dismisses the Application under Section 7 by ICICI Bank…

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Ld’ Adjudicating Authority dismisses the Application under Section 7 by ICICI Bank against Era Infrastructure (India) Limited, a wholly owned subsidiary of Era Infra Engineering Limited.

The Ld’ Adjudicating Authority (NCLT, Principal Bench, New Delhi) on 07.05.2019 dismissed the application filed under Section 7 of Insolvency and Bankruptcy Code, 2016 against Era Infrastructure (India) Limited, which is a subsidiary of Era Infra Engineering Limited (one of the first 12 Companies, shortlisted by RBI to be proceeded under I&B Code 2016).

M/s Era Infrastructure (India) Limited was represented by Mr. Vijay Kr Singh, Sr. Partner S&A before the NCLT.

The Principal Bench had rejected the Application filed by ICICI Bank on the ground of duplicity of the claims since ICICI Bank have also filed its claim as Financial Creditor before the Resolution Professional appointed in the case of Era Infra Engineering Limited, which though initially when filed by ICICI Bank with Resolution Professional was rejected by the Resolution Professional however after the directions of Principal Bench in the Interim Application filed by ICICI Bank in the matter of Era Infra Engineering Limited have accepted the same.

While rejecting the application the Principal Bench held that on account of duplicity of the claims the petition cannot be entertained.

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