New Delhi: The National Company Law Tribunal (NCLT) has dismissed an insolvency plea filed by ICICI Bank against Hyderabad Ring Road Projects, observing that there was identical of the claims of the private lender. A two-member bench headed by President Justice M M Kumar said ICICI Bank has already raised the similar claims against its corporate guarantor Era Infra Engineering, which is currently going through Corporate Insolvency Resolution Process (CIRP). “Therefore, on account of duplicacy of the claims the petition can not be entertained,” said NCLT bench, adding “this petition fails and the same is dismissed”.
Hyderabad Ring Road Projects Private Ltd, is a special purpose vehicle related to Era Infra Engineering Ltd and raised an amount of Rs 193.60 crore between January 2014 to September 2015. ICICI Bank had extended the loan over the corporate guarantee filed by Era Infra Engineering, against which the NCLT has already allowed to start insolvency proceedings after default in June 2018. The NCLT observed that ICICI has already filed claims of Hyderabad Ring Road Projects before the RP of Era Infra Engineering, which has been admitted as financial creditor of the company.
