The case involves a suit filed by Tejinder Pal Setia, a member of the erstwhile board of directors of Chandigarh Overseas Private Limited (COPL), which is undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by an order dated 2022-02-27 passed by the NCLT Chandigarh Bench. The suit challenges an assignment deed dated 2023-02-03, executed between defendant no.1 (KONE Elevators India Pvt. Ltd.) and defendant no.2 (Mr. Sanjeev Chadha), where defendant no.1 assigned the debt owed to it by COPL to defendant no.2. The plaintiff seeks a declaration that the assignment deed is invalid and not binding, a permanent injunction against defendant no.2 acting upon the assignment deed, and a direction to defendant no.1 to produce books of accounts
…In 2013, Future Colonizers and Construction Private Limited (FCCPL) engaged KONE Elevators India Pvt. Ltd. (defendant no.1) to supply and install elevators at a project site owned by Chandigarh Overseas Private Limited (COPL). An invoice of Rs. 82,68,620/- was raised, and FCCPL made a partial payment of Rs. 10,30,000/-, leaving Rs. 72,38,620/- outstanding. Due to disputes, FCCPL abandoned the project. COPL acknowledged the debt and assured payment. A fresh contract was entered in 2015, with COPL acknowledging a debt of Rs. 92,70,000/-. As the dues remained unpaid, defendant no.1 filed a Section 9 petition under the Insolvency and Bankruptcy Code (IBC) against COPL in 2019. A settlement agreement was executed on 2021-09-27, where COPL agreed to pay Rs. 60,00,000/- in
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Future Colonizers and Construction Private…
A fresh contract was entered into between…
The case involves a suit filed by Tejinder Pal Setia, a member of the erstwhile board of directors of Chandigarh Overseas Private Limited (COPL), which is undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by an order dated 2022-02-27 passed by the NCLT Chandigarh Bench. The suit challenges an assignment deed dated 2023-02-03, executed between defendant no.1 (KONE Elevators India Pvt. Ltd.) and defendant no.2 (Mr. Sanjeev Chadha), where defendant no.1 assigned the debt owed to it by COPL to defendant no.2. The plaintiff seeks a declaration that the assignment deed is invalid and not binding, a permanent injunction against defendant no.2 acting upon the assignment deed, and a direction to defendant no.1 to produce books of accounts
…In 2013, Future Colonizers and Construction Private Limited (FCCPL) engaged KONE Elevators India Pvt. Ltd. (defendant no.1) to supply and install elevators at a project site owned by Chandigarh Overseas Private Limited (COPL). An invoice of Rs. 82,68,620/- was raised, and FCCPL made a partial payment of Rs. 10,30,000/-, leaving Rs. 72,38,620/- outstanding. Due to disputes, FCCPL abandoned the project. COPL acknowledged the debt and assured payment. A fresh contract was entered in 2015, with COPL acknowledging a debt of Rs. 92,70,000/-. As the dues remained unpaid, defendant no.1 filed a Section 9 petition under the Insolvency and Bankruptcy Code (IBC) against COPL in 2019. A settlement agreement was executed on 2021-09-27, where COPL agreed to pay Rs. 60,00,000/- in
…Future Colonizers and Construction Private…
A fresh contract was entered into between…