The case involves applications (I.A. Nos. 379/2018, 380/2018, 381/2018, and 436/2018) filed by Power Grid Corporation of India Limited (POWERGRID/PGCI) in a Corporate Insolvency Resolution Process (CIRP) initiated against Deepak Cables (India) Limited (DCIL). POWERGRID sought directions to the Interim Resolution Professional (IRP) to include their claims in the CIRP, issue notices of Committee of Creditors (CoC) meetings, and allow their participation. I.A. No. 436/2018 specifically sought to implead POWERGRID in the CIRP. The applications were opposed by the Resolution Professional (RP), primarily on the grounds that POWERGRID's claims were disputed and subject to ongoing arbitration proceedings, and that POWERGRID did not qualify as an operational creditor under the
…Power Grid Corporation of India Limited (POWERGRID) filed applications seeking to be included in the Corporate Insolvency Resolution Process (CIRP) of Deepak Cables (India) Limited (DCIL). POWERGRID claimed to be an operational creditor based on a contract for the supply of ACSR Zebra conductors. Deepak Cables allegedly breached the terms of the contract, leading to its termination by POWERGRID. POWERGRID initiated arbitration proceedings to recover its dues. DCIL also initiated arbitration proceedings against POWERGRID. The Resolution Professional (RP) rejected POWERGRID's claim, arguing that it was disputed and subject to ongoing arbitration. POWERGRID argued that it was entitled to notice of Committee of Creditors (CoC) meetings and participation in the CIRP. The RP
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Deepak Cables was awarded the supply contract…
In the year March - April 2015 Deepak Cables…
The case involves applications (I.A. Nos. 379/2018, 380/2018, 381/2018, and 436/2018) filed by Power Grid Corporation of India Limited (POWERGRID/PGCI) in a Corporate Insolvency Resolution Process (CIRP) initiated against Deepak Cables (India) Limited (DCIL). POWERGRID sought directions to the Interim Resolution Professional (IRP) to include their claims in the CIRP, issue notices of Committee of Creditors (CoC) meetings, and allow their participation. I.A. No. 436/2018 specifically sought to implead POWERGRID in the CIRP. The applications were opposed by the Resolution Professional (RP), primarily on the grounds that POWERGRID's claims were disputed and subject to ongoing arbitration proceedings, and that POWERGRID did not qualify as an operational creditor under the
…Power Grid Corporation of India Limited (POWERGRID) filed applications seeking to be included in the Corporate Insolvency Resolution Process (CIRP) of Deepak Cables (India) Limited (DCIL). POWERGRID claimed to be an operational creditor based on a contract for the supply of ACSR Zebra conductors. Deepak Cables allegedly breached the terms of the contract, leading to its termination by POWERGRID. POWERGRID initiated arbitration proceedings to recover its dues. DCIL also initiated arbitration proceedings against POWERGRID. The Resolution Professional (RP) rejected POWERGRID's claim, arguing that it was disputed and subject to ongoing arbitration. POWERGRID argued that it was entitled to notice of Committee of Creditors (CoC) meetings and participation in the CIRP. The RP
…Deepak Cables was awarded the supply contract…
In the year March - April 2015 Deepak Cables…