Elecon Engineering Company Ltd. filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Ducon Technologies (I) Pvt. Ltd., alleging failure to pay ₹1,91,00,663, including interest. Elecon, as an operational creditor, claimed dues related to projects executed for Ducon, a contractor for Hindalco. The petition sought to initiate the Insolvency Resolution Process against Ducon.
Elecon Engineering Company Ltd. (Operational Creditor) filed a petition against Ducon Technologies (I) Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, claiming a default of ₹1,91,00,663. Elecon executed two projects, Aditya and Mahan, for Ducon, which was a contractor for Hindalco. A Letter of Intent dated 2010-07-01 outlined the payment schedule for design, engineering, manufacturing, supply, structural work, supervision of erection, testing, and commissioning of a Pipe Conveyor System for an Aluminum Project for Hindalco Industries Ltd. Elecon claimed outstanding amounts including ₹79,84,271 for the Aditya Aluminum Project, ₹247,98,121 as interest on the Aditya project, ₹264,07,777 for the Mahan Aluminum Project, ₹36,76,233
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Corporate Debtor issued a Letter of Intent to…
The Company Petition was filed to initiate…
Elecon Engineering Company Ltd. filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Ducon Technologies (I) Pvt. Ltd., alleging failure to pay ₹1,91,00,663, including interest. Elecon, as an operational creditor, claimed dues related to projects executed for Ducon, a contractor for Hindalco. The petition sought to initiate the Insolvency Resolution Process against Ducon.
Elecon Engineering Company Ltd. (Operational Creditor) filed a petition against Ducon Technologies (I) Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, claiming a default of ₹1,91,00,663. Elecon executed two projects, Aditya and Mahan, for Ducon, which was a contractor for Hindalco. A Letter of Intent dated 2010-07-01 outlined the payment schedule for design, engineering, manufacturing, supply, structural work, supervision of erection, testing, and commissioning of a Pipe Conveyor System for an Aluminum Project for Hindalco Industries Ltd. Elecon claimed outstanding amounts including ₹79,84,271 for the Aditya Aluminum Project, ₹247,98,121 as interest on the Aditya project, ₹264,07,777 for the Mahan Aluminum Project, ₹36,76,233
…Corporate Debtor issued a Letter of Intent to…
The Company Petition was filed to initiate…