The Appellant, a liquidator of LSML Private Limited, filed an application (IA(IBC)/1618/CHE/2024) before the NCLT, Chennai, seeking to direct the Respondent, NLC India Limited, to pay Rs. 40,98,41,115.76 towards various charges and amounts. This application stemmed from a contract dated 15.11.2013 between NLC India Ltd. and LSML (India) Pvt. Ltd. regarding the erection, commissioning, testing, and maintenance of wind turbine generators. The Corporate Debtor faced insolvency due to non-fulfilment of contractual obligations by the Respondent and force-majeure conditions, leading to liquidation. The liquidator identified receivables from the Respondent and sought payment, which was denied, leading to the application before the NCLT.
LSML Private Limited (Corporate Debtor) entered into a contract with NLC India Ltd. (Respondent) on 15.11.2013 for the erection, commissioning, testing, and maintenance of wind turbine generators. Due to non-fulfilment of contractual obligations by the Respondent and force-majeure conditions, the Corporate Debtor suffered financial losses, leading to insolvency. A moratorium was declared on 14.10.2022, and a Resolution Professional was appointed. As no resolution plan was approved, liquidation was ordered on 12.10.2023, and a liquidator (Appellant) was appointed. The Appellant identified receivables of Rs. 40,98,41,115.76 from the Respondent and sought payment. The Respondent denied the payment, leading the Appellant to file IA/1618/2024 before the NCLT, Chennai. The
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Contract executed between NLC India Ltd. and…
Moratorium declared due…
The Appellant, a liquidator of LSML Private Limited, filed an application (IA(IBC)/1618/CHE/2024) before the NCLT, Chennai, seeking to direct the Respondent, NLC India Limited, to pay Rs. 40,98,41,115.76 towards various charges and amounts. This application stemmed from a contract dated 15.11.2013 between NLC India Ltd. and LSML (India) Pvt. Ltd. regarding the erection, commissioning, testing, and maintenance of wind turbine generators. The Corporate Debtor faced insolvency due to non-fulfilment of contractual obligations by the Respondent and force-majeure conditions, leading to liquidation. The liquidator identified receivables from the Respondent and sought payment, which was denied, leading to the application before the NCLT.
LSML Private Limited (Corporate Debtor) entered into a contract with NLC India Ltd. (Respondent) on 15.11.2013 for the erection, commissioning, testing, and maintenance of wind turbine generators. Due to non-fulfilment of contractual obligations by the Respondent and force-majeure conditions, the Corporate Debtor suffered financial losses, leading to insolvency. A moratorium was declared on 14.10.2022, and a Resolution Professional was appointed. As no resolution plan was approved, liquidation was ordered on 12.10.2023, and a liquidator (Appellant) was appointed. The Appellant identified receivables of Rs. 40,98,41,115.76 from the Respondent and sought payment. The Respondent denied the payment, leading the Appellant to file IA/1618/2024 before the NCLT, Chennai. The
…Contract executed between NLC India Ltd. and…
Moratorium declared due…