Ina Malhotra, Member - (1.) The petitioner, claiming to be an Operational Creditor has prayed for initiation of a resolution process against the Corporate Debtor, BHEL, invoking the provisions of the Insolvency and Bankruptcy Code 2016 (herein after referred to as Code).
(2.) The facts of the case are that the Operational Creditor was awarded 3 job works by the Respondent/Corporate Debtor for civil work of insulation to be executed at sub-stations at Patiala, Kaithal and Barsingsar on 07.05.2004, 14.08.2004 and 12.02.2007 respectively. The debt claimed in the present petition pertains to payments in respect of the first two contracts executed at Patiala & Kaithal. It is submitted that bills amounting to Rs. 16,98,578/- were raised more specifically vide invoices detailed as under:- a. Invoice Book No. 001, T1 No. 0010 : Rs. 9,72,213/- b. Invoice Book No. 001, T1 No. 0011 : Rs. 5,26,365/- c. Invoice Book No. 001, T1 No. 0012 : Rs. 2,00,000/-
(3.) The withholding of these amounts is not disputed. The Corporate Debtor has held back the aforesaid amounts along with the payments claimed for the work done under the 3rd contract as lien towards counter recoveries to be made for the alleged unsatisfactory work carried out at Barsingsar. Though the Operational Creditor had prayed for delinking of the payments under the 1st two contracts with the payment for the job order executed under the 3rd contract, their request was not conceded to. The payment claimed for the work done at Barsingsar was the subject matter of Arbitration proceeding which culminated in an Award dated 30th April 2015 in favour of the Operational Creditor.;