The National Company Law Tribunal (NCLT) has dismissed an insolvency plea filed by ICICI Bank against Hyderabad Ring Road Projects, observing that there was “duplicacy 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.
