iii During the companyrse of the project, disputes and differences arose between the parties and the same were referred to an Arbitral Tribunal, which delivered its Award on 21.01.2017.
Also, according to the Appellate Tribunal, since Form V of Part 5 of the Insolvency Bankruptcy Application to Adjudicating Authority Rules, 2016 requires particulars of an order of an arbitral panel adjudicating on the default, this would have to be treated as a record of an operational debt, as a result of which the petition would have to be admitted, as was companyrectly done by the NCLT.
Three cross claims that were made by the Respondent were rejected.
Ltd. for short KCPL on 01.02.2008, to undertake 50 of Section 2 work of Construction and widening of the existing two lane highway to four lanes on NH 67 at KM 190000 to KM 218215 admeasuring a total of 28.215 KM for and on behalf of KCPL.
One of the claims that was allowed by the said Award was in favour of the respondent for a sum of Rs.1,71,98,302/ which arises out of certain interim payment certificates.
Another claim that was allowed related to higher rates of payment in which a sum of Rs.13,56,98,624/ was awarded.
Ltd. the Respondent entered into a sub Contract Agreement with one M s Ksheerabad Constructions Pvt.
Ltd. and the Respondent.
