The National Company Law Tribunal (NCLT), Kolkata Bench-II, comprising Judicial Member Labh Singh and Technical Member Rekha K. Shah, has dismissed a plea seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Bridge & Roof Company (India) Limited, holding that a pre-existing dispute existed between the parties.
A Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), was filed by Rohit Garg, proprietor of Garg Infratech, seeking initiation of CIRP against Bridge & Roof Company (India) Limited over an alleged default of ₹1,43,37,562.14 towards principal and ₹46,95,367.96 towards interest, outstanding as on March 31, 2024.
The claim arose from civil works undertaken by Garg Infratech,…