Gammon Engineers and Contractors Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Coastal Energen Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payment of Rs. 15,17,11,780/- including interest @ 15% p.a. The corporate debtor acknowledged the liability and debts and started making part payments during each date of hearing in a previous case (CP/253/IB/2018). As of 06.12.2018, the corporate debtor had paid a sum of Rs.4,70,00,000/-. The parties arrived at an understanding that the balance sum of Rs.10,97,94,264/- was to be paid in installments. The
…Gammon Engineers and Contractors Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Coastal Energen Private Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs. 15,17,11,780/- including interest. The Corporate Debtor acknowledged the debt in a previous proceeding (CP/253/IB/2018) and made part payments totaling Rs. 4,70,00,000/-. A payment schedule was agreed upon for the remaining balance of Rs. 10,97,94,264/-. The previous application was disposed of with the liberty to revive in case of default. The Operational Creditor alleged that the Corporate Debtor failed to pay the final installment of Rs.
…Sign in to view the parties.
Corporate Debtor issued a Letter of Acceptance…
A contract was executed between the Operational…
Gammon Engineers and Contractors Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Coastal Energen Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payment of Rs. 15,17,11,780/- including interest @ 15% p.a. The corporate debtor acknowledged the liability and debts and started making part payments during each date of hearing in a previous case (CP/253/IB/2018). As of 06.12.2018, the corporate debtor had paid a sum of Rs.4,70,00,000/-. The parties arrived at an understanding that the balance sum of Rs.10,97,94,264/- was to be paid in installments. The
…Gammon Engineers and Contractors Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Coastal Energen Private Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs. 15,17,11,780/- including interest. The Corporate Debtor acknowledged the debt in a previous proceeding (CP/253/IB/2018) and made part payments totaling Rs. 4,70,00,000/-. A payment schedule was agreed upon for the remaining balance of Rs. 10,97,94,264/-. The previous application was disposed of with the liberty to revive in case of default. The Operational Creditor alleged that the Corporate Debtor failed to pay the final installment of Rs.
…Corporate Debtor issued a Letter of Acceptance…
A contract was executed between the Operational…