Telecommunications Consultants India Limited (TCIL) filed an application seeking to set aside the resolution plan dated 29.06.2017 in respect of MBL Infrastructure India. The resolution plan was initially approved by the NCLT Kolkata, challenged by Bank of Baroda before the NCLAT, and subsequently before the Supreme Court. The Supreme Court held the resolution plan to be ineligible but refused to interfere with the approved resolution plan. TCIL argued that MBL did not disclose the ongoing insolvency proceedings in other arbitral proceedings, violating the IBC Code. TCIL also claimed that its claims arising from NHAI and HSRDC contracts were not adequately addressed in the resolution plan.
On 03.06.2005, NHAI awarded a contract to TCIL-MBL-Joint Venture for widening and strengthening a section of National Highway 37 in Assam. On 27.12.2005, TCIL and MBL entered into a contract for package AS-3, with MBL as the sub-contractor. Madhya Pradesh Road Development Corporation Ltd. (MPRD) also awarded a contract to MBL. A tripartite agreement was entered into between TCIL, MBL, and M/s. SMH Infrastructure Pvt. Ltd. on 22.02.2008. On 21.08.2008, Haryana State Roads & Brides Development Corporation Ltd. (HSRDC) awarded work to TCIL for construction of houses. An agreement was entered into between TCIL and MBL on 17.09.2008 for MBL to execute the HSRDC work on a back-to-back basis. Arbitration was invoked in the NHAI Contract on 09.08.2013, with an award passed
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NHAI awarded contract…
TCIL and MBL entered…
Telecommunications Consultants India Limited (TCIL) filed an application seeking to set aside the resolution plan dated 29.06.2017 in respect of MBL Infrastructure India. The resolution plan was initially approved by the NCLT Kolkata, challenged by Bank of Baroda before the NCLAT, and subsequently before the Supreme Court. The Supreme Court held the resolution plan to be ineligible but refused to interfere with the approved resolution plan. TCIL argued that MBL did not disclose the ongoing insolvency proceedings in other arbitral proceedings, violating the IBC Code. TCIL also claimed that its claims arising from NHAI and HSRDC contracts were not adequately addressed in the resolution plan.
On 03.06.2005, NHAI awarded a contract to TCIL-MBL-Joint Venture for widening and strengthening a section of National Highway 37 in Assam. On 27.12.2005, TCIL and MBL entered into a contract for package AS-3, with MBL as the sub-contractor. Madhya Pradesh Road Development Corporation Ltd. (MPRD) also awarded a contract to MBL. A tripartite agreement was entered into between TCIL, MBL, and M/s. SMH Infrastructure Pvt. Ltd. on 22.02.2008. On 21.08.2008, Haryana State Roads & Brides Development Corporation Ltd. (HSRDC) awarded work to TCIL for construction of houses. An agreement was entered into between TCIL and MBL on 17.09.2008 for MBL to execute the HSRDC work on a back-to-back basis. Arbitration was invoked in the NHAI Contract on 09.08.2013, with an award passed
…NHAI awarded contract…
TCIL and MBL entered…