Exclusive Engineers Private Limited filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against itself due to its inability to pay a debt owed to the Operational Creditor, the Union of India. The company had entered into an agreement with the Union of India for executing certain work, but the work could not be completed as scheduled. Disputes arose, leading to arbitration where an award was passed in favor of the Operational Creditor. The Corporate Applicant, being unable to pay the debt, passed a resolution to move the application under Section 10.
Exclusive Engineers Private Limited, incorporated under the Companies Act, 1956, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, due to its inability to pay a debt to the Union of India, the Operational Creditor. The company had entered into an agreement with the Union of India for executing certain work on 27-12-2002, for an amount of Rs. 83,87,747/-, but the work was not completed as scheduled. Disputes arose, leading to arbitration. The Arbitrator passed an award on 31-08-2017, allowing the claim of the Operational Creditor for Rs. 44,89,928.37, along with interest. The Corporate Applicant, being unable to pay the debt, passed a resolution on 27-11-2017 to move the application under Section 10. The Union of India objected to the
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Exclusive Engineers Private Limited filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against itself due to its inability to pay a debt owed to the Operational Creditor, the Union of India. The company had entered into an agreement with the Union of India for executing certain work, but the work could not be completed as scheduled. Disputes arose, leading to arbitration where an award was passed in favor of the Operational Creditor. The Corporate Applicant, being unable to pay the debt, passed a resolution to move the application under Section 10.
Exclusive Engineers Private Limited, incorporated under the Companies Act, 1956, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, due to its inability to pay a debt to the Union of India, the Operational Creditor. The company had entered into an agreement with the Union of India for executing certain work on 27-12-2002, for an amount of Rs. 83,87,747/-, but the work was not completed as scheduled. Disputes arose, leading to arbitration. The Arbitrator passed an award on 31-08-2017, allowing the claim of the Operational Creditor for Rs. 44,89,928.37, along with interest. The Corporate Applicant, being unable to pay the debt, passed a resolution on 27-11-2017 to move the application under Section 10. The Union of India objected to the
…Exclusive Engineers Private Limited entered into…
The work contract was…