PME Power Solutions (India) Ltd. filed an arbitration application under Section 11 of the Arbitration and Conciliation Act, 1996, seeking the appointment of a sole arbitrator to resolve claims against Airen Metals Pvt. Ltd. The dispute arose from a purchase agreement dated 28.07.2014, where Clause 16(B) provided for arbitration if disputes were not amicably resolved. Airen Metals resisted the application, citing the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Kedia Financial Services Pvt. Ltd. before the NCLT, Jaipur. The NCLT admitted the CIRP on 28.04.2022, and a resolution professional was appointed. PME Power Solutions submitted a belated claim, which was rejected on 25.03.2023. The
…PME Power Solutions (India) Ltd. filed an arbitration application against Airen Metals Pvt. Ltd. based on a purchase agreement dated 28.07.2014, which contained an arbitration clause (Clause 16(B)). The dispute arose because PME Power Solutions claimed to have made excessive payments to Airen Metals for copper supplied under the agreement, amounting to Rs.2,05,05,96,649/- against a purchase worth Rs.1,96,76,27,937/-, and sought a refund. PME Power Solutions served legal notices on 08.12.2021 and 12.01.2022, but the dispute remained unresolved. Airen Metals resisted the arbitration application, citing the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Kedia Financial Services Pvt. Ltd. The
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Date of the purchase agreement between PME…
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PME Power Solutions (India) Ltd. filed an arbitration application under Section 11 of the Arbitration and Conciliation Act, 1996, seeking the appointment of a sole arbitrator to resolve claims against Airen Metals Pvt. Ltd. The dispute arose from a purchase agreement dated 28.07.2014, where Clause 16(B) provided for arbitration if disputes were not amicably resolved. Airen Metals resisted the application, citing the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Kedia Financial Services Pvt. Ltd. before the NCLT, Jaipur. The NCLT admitted the CIRP on 28.04.2022, and a resolution professional was appointed. PME Power Solutions submitted a belated claim, which was rejected on 25.03.2023. The
…PME Power Solutions (India) Ltd. filed an arbitration application against Airen Metals Pvt. Ltd. based on a purchase agreement dated 28.07.2014, which contained an arbitration clause (Clause 16(B)). The dispute arose because PME Power Solutions claimed to have made excessive payments to Airen Metals for copper supplied under the agreement, amounting to Rs.2,05,05,96,649/- against a purchase worth Rs.1,96,76,27,937/-, and sought a refund. PME Power Solutions served legal notices on 08.12.2021 and 12.01.2022, but the dispute remained unresolved. Airen Metals resisted the arbitration application, citing the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Kedia Financial Services Pvt. Ltd. The
…Date of the purchase agreement between PME…
PME Power Solutions…