The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by CG Power & Industrial Solutions Ltd. (Petitioner) against ACC Ltd. (Corporate Debtor). The petition is based on the Corporate Debtor's alleged default in payment of ₹80,88,364.55 as of 30.09.2017, stemming from an Arbitral Award dated 15.09.2002. This award directed Idcol Cement Ltd. (later merged into ACC Ltd.) to pay ₹10,70,834.50 plus interest to the Petitioner from 12.12.1996. The dispute originates from contracts for equipment supply and erection where delays led to liquidated damages and invocation of bank guarantees. The Petitioner initiated arbitration, resulting in the aforementioned award. ACC Ltd. challenged the award, and an appeal is pending
…CG Power & Industrial Solutions Ltd. (Petitioner) entered into contracts with Idcol Ltd. (later merged into ACC Ltd., the Corporate Debtor) for equipment supply and erection. Delays occurred, leading to liquidated damages and invocation of bank guarantees. The Petitioner initiated arbitration, resulting in an award dated 15.09.2002 in their favor for ₹10,70,834.50 plus interest. ACC Ltd. acquired Idcol Cement Ltd. and became liable for the outstanding dues. ACC Ltd. challenged the arbitral award, and an appeal (ARBA 17/2005) is pending before the High Court of Orissa. No stay has been granted against the award's execution. The Petitioner filed an execution petition (77/2005) to recover ₹72,36,000 in July 2015. Subsequently, the Petitioner filed a Company Petition
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The Petitioner invoked arbitration due to a…
The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by CG Power & Industrial Solutions Ltd. (Petitioner) against ACC Ltd. (Corporate Debtor). The petition is based on the Corporate Debtor's alleged default in payment of ₹80,88,364.55 as of 30.09.2017, stemming from an Arbitral Award dated 15.09.2002. This award directed Idcol Cement Ltd. (later merged into ACC Ltd.) to pay ₹10,70,834.50 plus interest to the Petitioner from 12.12.1996. The dispute originates from contracts for equipment supply and erection where delays led to liquidated damages and invocation of bank guarantees. The Petitioner initiated arbitration, resulting in the aforementioned award. ACC Ltd. challenged the award, and an appeal is pending
…CG Power & Industrial Solutions Ltd. (Petitioner) entered into contracts with Idcol Ltd. (later merged into ACC Ltd., the Corporate Debtor) for equipment supply and erection. Delays occurred, leading to liquidated damages and invocation of bank guarantees. The Petitioner initiated arbitration, resulting in an award dated 15.09.2002 in their favor for ₹10,70,834.50 plus interest. ACC Ltd. acquired Idcol Cement Ltd. and became liable for the outstanding dues. ACC Ltd. challenged the arbitral award, and an appeal (ARBA 17/2005) is pending before the High Court of Orissa. No stay has been granted against the award's execution. The Petitioner filed an execution petition (77/2005) to recover ₹72,36,000 in July 2015. Subsequently, the Petitioner filed a Company Petition
…Date from which…
The Petitioner invoked arbitration due to a…