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Insolvency plea was dismissed as payment hadn't been released by Railway dept. to corporate debtor

January 3, 2019[2018] 100 422 (NCLT-Beng.)

IBC: Where in order to participate in tenders floated by Railways, a MoA was executed between operational creditor and corporate debtor, wherein, it was decided that operational creditor would assist corporate debtor in completing contract and payments would be made to operational creditor as and when payments were received from Railways, in view of fact that Railway had not yet released payments, on corporate debtor's failure to pay to operational creditor, petition under section 9 was to be dismissed

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