Damodar Valley Corporation (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, to initiate CIRP against Srinivasa Ferro Alloys Limited (Corporate Debtor) due to unpaid operational debt related to electricity supply.
The Operational Creditor (Damodar Valley Corporation) and the Corporate Debtor (Srinivasa Ferro Alloys Limited) entered into a Power Purchase Agreement (PPA) dated 12.03.1996.
The Operational Creditor supplied and delivered power to the Corporate Debtor's factory located at Angadpur Village, Durgapur, District Burdwan, West Bengal.
The Operational Creditor raised a final bill dated 01.01.2021 in respect of arrears for the period 2006-09, after adjustments, leaving an outstanding sum of Rs.8,15,08,151/-.
The Operational Creditor issued a demand notice dated 27.07.2023 under Section 8 of the Code after outstanding amounts remained unpaid.
The Corporate Debtor replied to the demand notice on 14.08.2023, raising untenable grounds.
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Operational Creditor…
Operational Creditor…
Damodar Valley Corporation (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, to initiate CIRP against Srinivasa Ferro Alloys Limited (Corporate Debtor) due to unpaid operational debt related to electricity supply.
The Operational Creditor (Damodar Valley Corporation) and the Corporate Debtor (Srinivasa Ferro Alloys Limited) entered into a Power Purchase Agreement (PPA) dated 12.03.1996.
The Operational Creditor supplied and delivered power to the Corporate Debtor's factory located at Angadpur Village, Durgapur, District Burdwan, West Bengal.
The Operational Creditor raised a final bill dated 01.01.2021 in respect of arrears for the period 2006-09, after adjustments, leaving an outstanding sum of Rs.8,15,08,151/-.
The Operational Creditor issued a demand notice dated 27.07.2023 under Section 8 of the Code after outstanding amounts remained unpaid.
The Corporate Debtor replied to the demand notice on 14.08.2023, raising untenable grounds.
…Operational Creditor…
Operational Creditor…