Adept Power Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Capital Electech Private Limited, the Corporate Debtor, alleging a default of Rs. 1,27,95,487 since 19.10.2013. The claim arose from a transaction involving laying/erection, testing, and commissioning of a 33KV feeder for providing 4000 KVA load for Phase-I and Phase-2. The Corporate Debtor was awarded the work order by the Executive Engineer, Electricity Construction Division, KESCo, Kanpur, and the Operational Creditor was engaged as a sub-contractor. The Corporate Debtor resisted the petition, contending that there was no default, a bona fide dispute existed, and the claim was barred by limitation.
Adept Power Private Limited (Operational Creditor) filed a petition against Capital Electech Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 1,27,95,487 since 19.10.2013. The claim originated from a contract for laying/erection, testing, and commissioning of a 33KV feeder. Capital Electech was the main contractor, having been awarded the work by KESCo, Kanpur, and Adept Power was a sub-contractor. Adept Power completed work between January 2013 and March 2015, raising invoices totaling Rs. 300,15,634, but Rs. 1,27,95,487 remained outstanding. Adept Power sent demand notices on 08.02.2017 and 04.09.2017. Capital Electech contested the petition, arguing no default occurred because payment was
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Adept Power Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Capital Electech Private Limited, the Corporate Debtor, alleging a default of Rs. 1,27,95,487 since 19.10.2013. The claim arose from a transaction involving laying/erection, testing, and commissioning of a 33KV feeder for providing 4000 KVA load for Phase-I and Phase-2. The Corporate Debtor was awarded the work order by the Executive Engineer, Electricity Construction Division, KESCo, Kanpur, and the Operational Creditor was engaged as a sub-contractor. The Corporate Debtor resisted the petition, contending that there was no default, a bona fide dispute existed, and the claim was barred by limitation.
Adept Power Private Limited (Operational Creditor) filed a petition against Capital Electech Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 1,27,95,487 since 19.10.2013. The claim originated from a contract for laying/erection, testing, and commissioning of a 33KV feeder. Capital Electech was the main contractor, having been awarded the work by KESCo, Kanpur, and Adept Power was a sub-contractor. Adept Power completed work between January 2013 and March 2015, raising invoices totaling Rs. 300,15,634, but Rs. 1,27,95,487 remained outstanding. Adept Power sent demand notices on 08.02.2017 and 04.09.2017. Capital Electech contested the petition, arguing no default occurred because payment was
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