The case involves an application (MA/25/KOB/2020) filed by Sanghvi Movers Limited and others (Operational Creditors) against Albanna Engineering (India) Pvt Ltd and others (Corporate Debtor) seeking specific reliefs related to bank guarantees. The Operational Creditors sought directions from the tribunal to invoke bank guarantees provided by the parent company of the Corporate Debtor and deposit the money in a designated bank account under the control of the Resolution Professional (RP). They also sought to bar Punjab National Bank (PNB) from further Committee of Creditors (CoC) proceedings and to grant Operational Creditors proportionate voting rights. The NCLT initially passed an order directing Bharat Petroleum Corporation Ltd (BPCL) to invoke the bank guarantees
…Sanghvi Movers Limited and other operational creditors filed an application against Albanna Engineering (India) Pvt Ltd (Corporate Debtor) and others, seeking invocation of bank guarantees. Albanna Engineering LLC (Dubai) is the parent company of Albanna Engineering (India) Pvt Ltd. BPCL invited global tenders for mechanical works, and Albanna Engineering LLC's tender was accepted. Albanna Engineering (India) Private Limited was appointed as a sub-contractor. The appellant furnished two bank guarantees in favor of Respondent No. 8. The appellant completed the works and submitted invoices. The Respondent No. 1, an operational creditor, approached the NCLT under Section 9(6) of the IBC. The NCLT admitted the application and declared a moratorium. Albanna Engineering LLC
…Sign in to view the parties.
Bharat Petroleum Corporation Limited (BPCL)…
Invoicing & Payment Terms in Agreement dated…
The case involves an application (MA/25/KOB/2020) filed by Sanghvi Movers Limited and others (Operational Creditors) against Albanna Engineering (India) Pvt Ltd and others (Corporate Debtor) seeking specific reliefs related to bank guarantees. The Operational Creditors sought directions from the tribunal to invoke bank guarantees provided by the parent company of the Corporate Debtor and deposit the money in a designated bank account under the control of the Resolution Professional (RP). They also sought to bar Punjab National Bank (PNB) from further Committee of Creditors (CoC) proceedings and to grant Operational Creditors proportionate voting rights. The NCLT initially passed an order directing Bharat Petroleum Corporation Ltd (BPCL) to invoke the bank guarantees
…Sanghvi Movers Limited and other operational creditors filed an application against Albanna Engineering (India) Pvt Ltd (Corporate Debtor) and others, seeking invocation of bank guarantees. Albanna Engineering LLC (Dubai) is the parent company of Albanna Engineering (India) Pvt Ltd. BPCL invited global tenders for mechanical works, and Albanna Engineering LLC's tender was accepted. Albanna Engineering (India) Private Limited was appointed as a sub-contractor. The appellant furnished two bank guarantees in favor of Respondent No. 8. The appellant completed the works and submitted invoices. The Respondent No. 1, an operational creditor, approached the NCLT under Section 9(6) of the IBC. The NCLT admitted the application and declared a moratorium. Albanna Engineering LLC
…Bharat Petroleum Corporation Limited (BPCL)…
Invoicing & Payment Terms in Agreement dated…