The case involves an appeal against an order by the National Company Law Tribunal (NCLT), Hyderabad Bench, which initiated Corporate Insolvency Resolution Process (CIRP) against Bevcon Wayors Private Limited based on an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The appellant, Srinivas Reddy Yadiki, challenges the order, arguing that the operational creditor's claim is contingent upon a 'back-to-back' payment arrangement with GVK Coal (Tokisud) Company Pvt. Ltd., and that the corporate debtor could not pay due to non-receipt of funds from GVK Coal. The operational creditor, Ardee Hi-Tech Private Limited, contends that the corporate debtor defaulted on payments for supplied items and that the 'back-to-back' arrangement is not a valid
…Srinivas Reddy Yadiki, the appellant, is a shareholder, promoter, and erstwhile director of Bevcon Wayors Private Limited (the corporate debtor). Ardee Hi-Tech Private Limited, the respondent, is the operational creditor. The dispute arises from a purchase order issued by the corporate debtor to the operational creditor for the supply of items. The appellant contends that the payment was subject to a 'back-to-back' arrangement, meaning the corporate debtor would only pay the operational creditor after receiving payment from GVK Coal (Tokisud) Company Pvt. Ltd., for whom the corporate debtor was a lead member of a consortium. The appellant claims that due to the cancellation of coal blocks allotted to GVK Coal, payments were delayed, and the corporate debtor could not
…Sign in to view the parties.
M/s Bevcon Wayors Pvt. Ltd., M/s. GTL Limited…
Addendum Cons…
The case involves an appeal against an order by the National Company Law Tribunal (NCLT), Hyderabad Bench, which initiated Corporate Insolvency Resolution Process (CIRP) against Bevcon Wayors Private Limited based on an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The appellant, Srinivas Reddy Yadiki, challenges the order, arguing that the operational creditor's claim is contingent upon a 'back-to-back' payment arrangement with GVK Coal (Tokisud) Company Pvt. Ltd., and that the corporate debtor could not pay due to non-receipt of funds from GVK Coal. The operational creditor, Ardee Hi-Tech Private Limited, contends that the corporate debtor defaulted on payments for supplied items and that the 'back-to-back' arrangement is not a valid
…Srinivas Reddy Yadiki, the appellant, is a shareholder, promoter, and erstwhile director of Bevcon Wayors Private Limited (the corporate debtor). Ardee Hi-Tech Private Limited, the respondent, is the operational creditor. The dispute arises from a purchase order issued by the corporate debtor to the operational creditor for the supply of items. The appellant contends that the payment was subject to a 'back-to-back' arrangement, meaning the corporate debtor would only pay the operational creditor after receiving payment from GVK Coal (Tokisud) Company Pvt. Ltd., for whom the corporate debtor was a lead member of a consortium. The appellant claims that due to the cancellation of coal blocks allotted to GVK Coal, payments were delayed, and the corporate debtor could not
…M/s Bevcon Wayors Pvt. Ltd., M/s. GTL Limited…
Addendum Cons…