The appeal was filed by the Suspended Director of the Corporate Debtor challenging the Adjudicating Authority's order dated February 27, 2023, which admitted a Section 9 application filed by the Operational Creditor, Kone Elevator India Pvt. Ltd. The Corporate Debtor had defaulted on payments for elevator supply and installation, and subsequently breached a settlement agreement.
The Operational Creditor, Kone Elevator India Pvt. Ltd., is in the business of manufacturing, installing, and servicing lifts. Future Colonizer and Construction Pvt. Ltd. ( FCCPT ) initially approached the Operational Creditor for the supply and installation of Kone elevators for its project site in Mohali, Punjab. An agreement was signed on February 5, 2013 , between the Operational Creditor and FCCPT for this purpose. On July 12, 2013 , the Corporate Debtor acknowledged the dues of the Operational Creditor, assuring payment of Rs.71,10,000/-. The project was later re-christened, and a fresh contract was executed on March 14, 2015 , between the Corporate Debtor and the Operational Creditor. However, the Corporate Debtor failed to pay the dues, and three cheques issued
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An agreement was entered into between the…
Corporate Debtor Company wrote a letter…
The appeal was filed by the Suspended Director of the Corporate Debtor challenging the Adjudicating Authority's order dated February 27, 2023, which admitted a Section 9 application filed by the Operational Creditor, Kone Elevator India Pvt. Ltd. The Corporate Debtor had defaulted on payments for elevator supply and installation, and subsequently breached a settlement agreement.
The Operational Creditor, Kone Elevator India Pvt. Ltd., is in the business of manufacturing, installing, and servicing lifts. Future Colonizer and Construction Pvt. Ltd. ( FCCPT ) initially approached the Operational Creditor for the supply and installation of Kone elevators for its project site in Mohali, Punjab. An agreement was signed on February 5, 2013 , between the Operational Creditor and FCCPT for this purpose. On July 12, 2013 , the Corporate Debtor acknowledged the dues of the Operational Creditor, assuring payment of Rs.71,10,000/-. The project was later re-christened, and a fresh contract was executed on March 14, 2015 , between the Corporate Debtor and the Operational Creditor. However, the Corporate Debtor failed to pay the dues, and three cheques issued
…An agreement was entered into between the…
Corporate Debtor Company wrote a letter…