One-hundred-and-four years old Bridge And Roof Company, a miniratna company under the Ministry of Heavy Industries, has escaped insolvency proceedings after the Appellate Tribunal set aside NCLT Kolkata Bench’s order admitting the CIRP against the central public sector enterprise.

The National Company Law Appellate Tribunal (NCLAT) set aside the National Company Law Tribunal’s order after Gujarat-based Chevrox Construction, the operational creditor of Bridge And Roof Company (India), submitted that it received the entire amount which had been due.

The Kolkata Bench of the National Company Law Tribunal on February 9 admitted the corporate insolvency resolution process (CIRP) against the State-owned company after Chevrox Construction had filed an insolvency petition against it for failing to make payment of around ₹4.48 crore.

Following the NCLT order, one of the directors of the corporate debtor moved the NCLAT Principal Bench, New Delhi, against the insolvency proceedings, and submitted that after the order there has been a “settlement between the parties” on the payment of the entire amount.

“An interlocutory application(IA) has been e-filed by the appellant praying for allowing the application and setting aside the impugned order. In the application, it is stated that the entire amount has been paid to the operational creditor. Learned counsel for the respondent operational creditor appears and submits that he has received the entire amount,” the NCLAT Principal Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member Technical), said in the order dated February 16.

“Taking the application on record, we allow the application. Set aside impugned order dated February 9, 2024. Close the CIRP,” the Bench said.

Notably, Bridge And Roof Company (India) Ltd, incorporated on January 16, 1920 and started functioning as a modest structural fabrication unit, is currently the leader in structural fabrication for steel plants. It operates in the fields of engineering, construction and project management solutions.

In 1972, the company, headquartered in Howrah, West Bengal, became a public sector enterprise under the Ministry of Petroleum and Natural Gas. And since 1987, it came under the administrative control of the Ministry of Heavy Industries, Government of India. Presently, it is the fourth largest CPSE in the country’s construction Industry and has presence in all Industrial sectors.

Notably, the Government of India holds around 99.35 per cent of the entire paid-up equity share capital in Bridge And Roof Company. The government had invited an expression of interest for selling its stake in the company in 2018. However, company workers had moved courts against the Centre’s decision and the government did not go ahead with the proposed stake sale.