The order was passed in an appeal filed by Ravi Kumar, part of the management of the company, Bridge and Roof Company (India) Limited, a public sector enterprise under the Union Ministry of Petroleum and Natural Gas and comes under the administrative control of the Ministry of Heavy Industries.
Kumar stated that the government company repaid the entire debt of ₹4 crores owed to Chevrox Constructions, the creditor, and hence the order initiating insolvency process against Bridge and Roof ought to be quashed.
Chevrox Constructions also acknowledged the payment.
In view of this, the NCLAT coram of chairman Justice Ashok Bhushan and technical member Barun Mitra quashed and set aside the NCLT order of February 9.
Source: Barandbench
