# In the matter of Teknow Consultants and Engineers P. L. Vs. Heavy Electricals L. CA (AT) No. 224-2017

> NCLAT judgment dated 2017-12-15. Citation: TCN-2017-NCLAT-00007. This is a Company Appeal (AT) (Insolvency) No. 224 of 2017 before the National Company Law…

- **Court:** NCLAT
- **Order date:** 15 Dec 2017
- **Citation:** TCN-2017-NCLAT-00007
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/teknow-consultants-and-engineers-p-l-vs-heavy-electricals-l-ca-676e6202

## Summary

### Background

This is a Company Appeal (AT) (Insolvency) No. 224 of 2017 before the National Company Law Appellate Tribunal, New Delhi. The appeal was filed by Teknow Consultants and Engineers Pvt. Ltd. against Bharat Heavy Electricals Limited. The respondent, Bharat Heavy Electricals Limited, had already paid the principal amount of Rs. 16,98,000/-, but the appellant claimed interest. The court adjourned the case to allow the parties to determine whether the respondent would pay 6% compound interest.

## Facts

Teknow Consultants and Engineers Pvt. Ltd. filed an appeal against Bharat Heavy Electricals Limited. The dispute centered around the payment of interest on a principal amount of Rs. 16,98,000/- which had already been paid by Bharat Heavy Electricals Limited. The appellant, Teknow Consultants, claimed interest on the delayed payment. The court noted the pendency of a case under Section 37 of the Arbitration and Conciliation Act, 1996. Bharat Heavy Electricals Limited agreed to pay the amount in terms of the observations made by the Appellate Tribunal on 14th November, 2017. The learned counsel for the appellant sought permission to withdraw the appeal with the liberty to revive it if the cheque issued by the respondent bounced. A cheque no. 428463 dated 11th December,

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## Issues and analysis

### Issue 1: Whether the pendency of a case under Section 37 of the Arbitration and Conciliation Act, 1996, can …

**Ratio:** The court held that the pendency of a case under Section 37 of the Arbitration and

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**Reasoning:** The court reasoned that the existence of a dispute under the Insolvency and Bankruptcy

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**Interpretation:** This interpretation clarifies that the threshold for establishing a 'dispute'

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**Application:** In this case, the court considered the pendency of the arbitration case but did

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Teknow Consultants…
- **Respondents:** Bharat Heavy…

## Timeline

- **2017-11-14 — Initial H…**: On hearing the counsel for the parties, the court observed that the pendency of the case…
- **2017-11-29 — Settlement Di…**: The parties informed the Appellate Tribunal that they may settle the dispute. The learned…

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