# In the matter of International Asset Reconstruction Co. Pvt. Ltd. vs. Erstwhile Committee of Creditors of Transstroy Tirupati-Tiruthani-Chennai Tollways Pvt. Ltd. & Ors. (IA No. 323-2022 & IA No. 190-2023) in Company Appeal (AT) (CH) (Ins) No. 136-2022

> NCLAT judgment dated 2023-04-05. Citation: TCN-2023-NCLAT-00643. The case arises from an appeal against the 'Impugned Order' dated 08/04/2022 in IA No.79 /…

- **Court:** NCLAT
- **Order date:** 5 Apr 2023
- **Citation:** TCN-2023-NCLAT-00643
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/international-asset-reconstruction-co-pvt-ltd-vs-erstwhile-committee-of-creditor-095a1701

## Summary

### Background

The case arises from an appeal against the 'Impugned Order' dated 08/04/2022 in IA No.79 / 2022 in CP (IB) No. 262/7/HDB/2018, passed by the National Company Law Tribunal, Hyderabad Bench. The appellant, International Asset Reconstruction Co. Pvt. Ltd., challenged certain findings in the Impugned Order. The appeal also involves IA No. 323 / 2022 & IA No. 190/2023. The appellant contended that NHAI's refusal to agree to the Terms of Resolution Plan hindered the implementation of the Resolution Plan. The appellant also stated that it cannot be blamed for the non-implementation of the Resolution Plan.

## Facts

International Asset Reconstruction Co. Pvt. Ltd. filed an appeal against an 'Impugned Order' dated 08/04/2022 passed by the National Company Law Tribunal, Hyderabad Bench, in IA No. 79 / 2022 in CP(IB) No. 262/7/HDB/2018. The appeal also involves IA No. 323 / 2022 & IA No. 190/2023. The appellant argued that NHAI's refusal to agree to a 'Terms of Resolution Plan' diminished the possibility of implementing the 'Resolution Plan' and that they cannot be held responsible for the non-implementation. The appellant also expressed willingness to forego its prayer for restoration of the bank guarantee. The Erstwhile Committee of Creditors of Transstroy Tirupati-Tiruthani-Chennai Tollways Pvt. Ltd., represented by Indian Bank, was the first respondent. Mr. Sanjay Mishra,

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## Issues and analysis

### Issue 1: Whether the 'Findings' in the 'Impugned Order' dated 08.04.2022, passed by the 'Adjudicating …

**Ratio:** The Tribunal has the power to expunge or set aside findings in an order if it is deemed

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**Reasoning:** The Tribunal considered the fact that there was no objection from the respondents to

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**Interpretation:** This implies that the Tribunal has broad discretion to correct errors or

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**Application:** The Tribunal applied this principle by expunging the observations/findings made

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## Parties

- **Judges:** M. Venu…; Shreesha…; +1 more
- **Appellants:** International…
- **Respondents:** Transstroy…; Erstwhile…

## Timeline

- **2022-04-08 — Impugned…**: The National Company Law Tribunal, Hyderabad Bench, passed the 'Impugned Order' in IA…
- **2022-01-01 — Company Appea…**: Company Appeal (AT) (CH)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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