The appeal was filed against the order dated 07.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Cuttack Bench, Cuttack) admitting an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was filed by Ahluwalia Contracts (India) Limited (ACIL) (Operational Creditor) against Assotech Milan Resorts Pvt. Ltd. (Corporate Debtor). The Corporate Debtor had awarded construction work to the Operational Creditor, but the work was suspended due to government restraints. The Operational Creditor demanded compensation, and the Corporate Debtor settled part of the claim. The Operational Creditor then sent a notice under Section 433 of the Companies Act, 1956, and filed a Company Petition, which was later
…Assotech Milan Resorts Pvt. Ltd. (Corporate Debtor) awarded construction work to Ahluwalia Contracts (India) Ltd. (Operational Creditor) via a contract dated 2011-02-02. Construction was suspended from 2012-01-13 due to government restraints. The Operational Creditor demanded compensation for idle costs, administrative costs, depreciation, and losses. The Corporate Debtor settled a claim for salary and idle equipment via email on 2013-08-07. The Operational Creditor sent a notice on 2015-12-28 under Section 433 of the Companies Act, 1956, and filed a Company Petition under Sections 433 and 434 of the same Act on 2016-04-12. This petition was transferred from the High Court of Orissa to NCLT, Cuttack, on 2019-04-19 and renumbered. The Operational Creditor filed a
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Corporate Debtor…
Construction work…
The appeal was filed against the order dated 07.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Cuttack Bench, Cuttack) admitting an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was filed by Ahluwalia Contracts (India) Limited (ACIL) (Operational Creditor) against Assotech Milan Resorts Pvt. Ltd. (Corporate Debtor). The Corporate Debtor had awarded construction work to the Operational Creditor, but the work was suspended due to government restraints. The Operational Creditor demanded compensation, and the Corporate Debtor settled part of the claim. The Operational Creditor then sent a notice under Section 433 of the Companies Act, 1956, and filed a Company Petition, which was later
…Assotech Milan Resorts Pvt. Ltd. (Corporate Debtor) awarded construction work to Ahluwalia Contracts (India) Ltd. (Operational Creditor) via a contract dated 2011-02-02. Construction was suspended from 2012-01-13 due to government restraints. The Operational Creditor demanded compensation for idle costs, administrative costs, depreciation, and losses. The Corporate Debtor settled a claim for salary and idle equipment via email on 2013-08-07. The Operational Creditor sent a notice on 2015-12-28 under Section 433 of the Companies Act, 1956, and filed a Company Petition under Sections 433 and 434 of the same Act on 2016-04-12. This petition was transferred from the High Court of Orissa to NCLT, Cuttack, on 2019-04-19 and renumbered. The Operational Creditor filed a
…Corporate Debtor…
Construction work…