Ld’ Adjudicating Authority dismisses the Application under Section 7 by ICICI Bank against Hyderabad Ring Road Projects Private Limited a Special Purpose Vehicle related to Era Infra Engineering Limited.

The Ld’ Adjudicating Authority (NCLT, Principal Bench, New Delhi) on 23.05.2019 dismissed the application filed under Section 7 of Insolvency and Bankruptcy Code, 2016 against Hyderabad Ring Road Projects Private Limited, which is a Special Purpose Vehicle related to Era Infra Engineering Limited (one of the first 12 Companies, shortlisted by RBI to be proceeded under I&B Code 2016).

M/s Hyderabad Ring Road Projects was represented by Mr. Vijay Kr Singh, Sr. Partner S&A before the NCLT.

Apart from other arguments, one of the argument before the Ld’ Adjudicating Authority was that the ICICI Bank have not disclosed that their claim has already been accepted by the Resolution Professional appointed in the Corporate Insolvency Resolution Process of the Era Infra Engineering Limited (the Corporate Guarantor).

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.

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

It would be worth mentioning that earlier the Ld’ Tribunal have also rejected the application filed against the wholly owned subsidiary of Era Infra Engineering Limited namely M/s Era Infrastructure (India) Limited who was also represented by S&A.

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