This is an application filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, against the Resolution Professional of the Corporate Debtor, Diamond Power Infrastructure Ltd., which is undergoing Corporate Insolvency Resolution Process (CIRP) since August 24, 2018. The applicant sought directions for the Resolution Professional to return goods (raw materials/semi-finished/finished) owned by the applicant but lying with the Corporate Debtor. The applicant claimed the raw material was delivered to the Corporate Debtor for processing, with an agreement that the Corporate Debtor would return the processed goods. The Resolution Professional refused to return the goods, citing the moratorium under Section 14 of the IBC and unpaid processing charges.
KEC International Ltd. (the Applicant) filed an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking the return of goods (raw materials/semi-finished/finished) from the Resolution Professional (RP), Mr. Bhuvan Madan, of Diamond Power Infrastructure Ltd. (the Corporate Debtor). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on August 24, 2018. The Applicant claimed that the goods were delivered to the Corporate Debtor for processing under a contract of bailment, with an agreement that the processed goods would be returned. The RP refused to return the goods, citing the moratorium under Section 14 of the IBC and the Applicant's failure to pay processing charges of Rs. 37.37 lacs. The Committee of
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Diamond Power Infrastructure Ltd. was…
The 12th Committee of Creditors meeting was…
This is an application filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, against the Resolution Professional of the Corporate Debtor, Diamond Power Infrastructure Ltd., which is undergoing Corporate Insolvency Resolution Process (CIRP) since August 24, 2018. The applicant sought directions for the Resolution Professional to return goods (raw materials/semi-finished/finished) owned by the applicant but lying with the Corporate Debtor. The applicant claimed the raw material was delivered to the Corporate Debtor for processing, with an agreement that the Corporate Debtor would return the processed goods. The Resolution Professional refused to return the goods, citing the moratorium under Section 14 of the IBC and unpaid processing charges.
KEC International Ltd. (the Applicant) filed an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking the return of goods (raw materials/semi-finished/finished) from the Resolution Professional (RP), Mr. Bhuvan Madan, of Diamond Power Infrastructure Ltd. (the Corporate Debtor). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on August 24, 2018. The Applicant claimed that the goods were delivered to the Corporate Debtor for processing under a contract of bailment, with an agreement that the processed goods would be returned. The RP refused to return the goods, citing the moratorium under Section 14 of the IBC and the Applicant's failure to pay processing charges of Rs. 37.37 lacs. The Committee of
…Diamond Power Infrastructure Ltd. was…
The 12th Committee of Creditors meeting was…