M/s. Indu Projects Ltd., the Petitioner/Operational Creditor, filed C.P.(IB)No.210/BB/2018 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. ABB India Limited, the Respondent/Corporate Debtor. The petition alleges that the Corporate Debtor defaulted on a total amount of Rs.5,80,78,443/-, which includes principal and interest, related to a contract for design and execution on Engineering, Procurement and Construction (EPC) for Rs.72 Crores for Chhattisgarh State Power Generation Corporation Ltd. (CSPGCL). The Corporate Debtor allegedly failed to complete the supplies to suit the project commissioning by September 2011, violating the terms and conditions of the purchase order.
M/s. Indu Projects Ltd. (IPL), the Operational Creditor, filed a petition against M/s. ABB India Limited (ABB), the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The claim pertains to a default of Rs. 5,80,78,443/-. Initially, Chhattisgarh State Power Generation Corporation Ltd. (CSPGCL) awarded a Letter of Award (LOA) to M/s. Tecpro Systems Ltd. (Tecpro) for a power project. Tecpro, in turn, awarded a contract to IPL for providing Balance of Plant. Subsequently, IPL awarded the same work to ABB for design and execution on Engineering, Procurement and Construction (EPC) for Rs.72 Crores. IPL issued a purchase order to ABB, which included clauses for price basis, price variation, and payment terms. ABB allegedly failed to complete
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Chhattisgarh State Power Generation Corporation…
M/s. Tecpro System Ltd. awarded the contract…
M/s. Indu Projects Ltd., the Petitioner/Operational Creditor, filed C.P.(IB)No.210/BB/2018 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. ABB India Limited, the Respondent/Corporate Debtor. The petition alleges that the Corporate Debtor defaulted on a total amount of Rs.5,80,78,443/-, which includes principal and interest, related to a contract for design and execution on Engineering, Procurement and Construction (EPC) for Rs.72 Crores for Chhattisgarh State Power Generation Corporation Ltd. (CSPGCL). The Corporate Debtor allegedly failed to complete the supplies to suit the project commissioning by September 2011, violating the terms and conditions of the purchase order.
M/s. Indu Projects Ltd. (IPL), the Operational Creditor, filed a petition against M/s. ABB India Limited (ABB), the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The claim pertains to a default of Rs. 5,80,78,443/-. Initially, Chhattisgarh State Power Generation Corporation Ltd. (CSPGCL) awarded a Letter of Award (LOA) to M/s. Tecpro Systems Ltd. (Tecpro) for a power project. Tecpro, in turn, awarded a contract to IPL for providing Balance of Plant. Subsequently, IPL awarded the same work to ABB for design and execution on Engineering, Procurement and Construction (EPC) for Rs.72 Crores. IPL issued a purchase order to ABB, which included clauses for price basis, price variation, and payment terms. ABB allegedly failed to complete
…Chhattisgarh State Power Generation Corporation…
M/s. Tecpro System Ltd. awarded the contract…