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. These included substation maintenance charges, guarantee amounts, retention amounts, and unpaid invoices related to an O&M contract. The application arose from a contract dated 15.11.2013 between NLC India Ltd. and LSML (India) Pvt. Ltd. concerning the erection, commissioning, testing, and maintenance of wind turbine generators. The Corporate Debtor faced insolvency due to non-fulfillment of contractual obligations and force-majeure conditions, leading to a moratorium and subsequent liquidation. The Appellant, as the second
…LSML Private Limited (Corporate Debtor) entered into a contract with NLC India Limited (Respondent) on 2013-11-15 for the erection, commissioning, testing, and maintenance of wind turbine generators. Due to non-fulfillment of contractual obligations by the Respondent and force-majeure conditions, the Corporate Debtor suffered financial losses, leading to default on its credit obligations. An insolvency process was initiated, and a moratorium was declared on 2022-10-14. As no resolution plan was approved, liquidation was ordered on 2023-10-12, and a liquidator was appointed. The Appellant, the second liquidator, identified receivables of Rs. 40,98,41,115.76 from the Respondent. The Respondent denied payment, leading the Appellant to file IA/1618/2024 before the NCLT,
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Contract executed between NLC India Ltd. and…
A moratorium was…
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. These included substation maintenance charges, guarantee amounts, retention amounts, and unpaid invoices related to an O&M contract. The application arose from a contract dated 15.11.2013 between NLC India Ltd. and LSML (India) Pvt. Ltd. concerning the erection, commissioning, testing, and maintenance of wind turbine generators. The Corporate Debtor faced insolvency due to non-fulfillment of contractual obligations and force-majeure conditions, leading to a moratorium and subsequent liquidation. The Appellant, as the second
…LSML Private Limited (Corporate Debtor) entered into a contract with NLC India Limited (Respondent) on 2013-11-15 for the erection, commissioning, testing, and maintenance of wind turbine generators. Due to non-fulfillment of contractual obligations by the Respondent and force-majeure conditions, the Corporate Debtor suffered financial losses, leading to default on its credit obligations. An insolvency process was initiated, and a moratorium was declared on 2022-10-14. As no resolution plan was approved, liquidation was ordered on 2023-10-12, and a liquidator was appointed. The Appellant, the second liquidator, identified receivables of Rs. 40,98,41,115.76 from the Respondent. The Respondent denied payment, leading the Appellant to file IA/1618/2024 before the NCLT,
…Contract executed between NLC India Ltd. and…
A moratorium was…