This is a Company Appeal (AT) (Insolvency) No.737 of 2019 arising out of an order dated 14.06.2019 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi in CP (IB) - 1643 (PB)/2018. The Adjudicating Authority rejected the Appellant's application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Respondent. The Appellant, an operational creditor, is part of Sandvik Group and is involved in the business of tools systems for industrial metal cutting. The Respondent, a corporate debtor, is an EPC Contractor involved in the manufacturing of ash handling systems on turnkey basis. The Appellant raised 73 invoices on the Respondent, out of
…M/s.Sandvik Asia Private Limited (Appellant) filed an appeal against the rejection of its application for initiating Corporate Insolvency Resolution Process (CIRP) against M/s.The IndurePrivate Limited (Respondent). The Appellant claimed unpaid invoices amounting to Rs.4.6 Crore out of 73 invoices raised for a total sum of Rs.34,72,35,271. The unpaid invoices were raised between September 4, 2014, and November 22, 2017. The Appellant and Respondent were parties to a Deed of Joint Undertaking executed in 2010 for a contract with NTPC. The Respondent raised disputes regarding liquidated damages, premature demand, and non-revalidation of the Advance Payment Bank Guarantee. The Adjudicating Authority rejected the Appellant's application based on the existence of a dispute
…Sign in to view the parties.
Deed of Joint Undertaking executed between…
Start date for the…
This is a Company Appeal (AT) (Insolvency) No.737 of 2019 arising out of an order dated 14.06.2019 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi in CP (IB) - 1643 (PB)/2018. The Adjudicating Authority rejected the Appellant's application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Respondent. The Appellant, an operational creditor, is part of Sandvik Group and is involved in the business of tools systems for industrial metal cutting. The Respondent, a corporate debtor, is an EPC Contractor involved in the manufacturing of ash handling systems on turnkey basis. The Appellant raised 73 invoices on the Respondent, out of
…M/s.Sandvik Asia Private Limited (Appellant) filed an appeal against the rejection of its application for initiating Corporate Insolvency Resolution Process (CIRP) against M/s.The IndurePrivate Limited (Respondent). The Appellant claimed unpaid invoices amounting to Rs.4.6 Crore out of 73 invoices raised for a total sum of Rs.34,72,35,271. The unpaid invoices were raised between September 4, 2014, and November 22, 2017. The Appellant and Respondent were parties to a Deed of Joint Undertaking executed in 2010 for a contract with NTPC. The Respondent raised disputes regarding liquidated damages, premature demand, and non-revalidation of the Advance Payment Bank Guarantee. The Adjudicating Authority rejected the Appellant's application based on the existence of a dispute
…Deed of Joint Undertaking executed between…
Start date for the…