The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by SEW & Prasad - Joint Venture (Operational Creditor) against Gati Infrastructure Private Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs. 31,40,37,776/- (including interest) as of 03.08.2017, arising from an agreement for execution of civil and hydro-mechanical works for the Chuzachen Hydro Electric Power Project in Sikkim. Disputes arose regarding the execution of work, cost overrun, and payment of RA Bills, leading to a Settlement Agreement dated 14.12.2013. The Corporate Debtor paid Rs. 10 crores as per the agreement, but disputes persisted regarding the remaining amount. The Operational Creditor issued a Demand Notice, which
…SEW & Prasad - Joint Venture (Operational Creditor) and Gati Infrastructure Private Limited (Corporate Debtor) entered into an agreement on 12.08.2006 for the execution of civil and hydro-mechanical works for the 99 MW Chuzachen Hydro Electric Power Project in Sikkim. The project was commissioned on 11.03.2013. Disputes arose regarding the execution of work, cost overrun, and payment of RA Bills. A Settlement Agreement was signed on 14.12.2013, where the Corporate Debtor agreed to pay Rs. 33.98 crores. The Corporate Debtor paid Rs. 10 crores on 24.12.2013. The balance amount of Rs. 23.98 crores was to be paid by Amrit Jal Ventures Pvt Ltd (AJVPL), the promoter of the Corporate Debtor, in 12 equated monthly installments. AJVPL paid Rs. 4,38,62,120/- and failed to
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Agreement between SEW & Prasad and Gati…
The Chuzachen Hydro…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by SEW & Prasad - Joint Venture (Operational Creditor) against Gati Infrastructure Private Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs. 31,40,37,776/- (including interest) as of 03.08.2017, arising from an agreement for execution of civil and hydro-mechanical works for the Chuzachen Hydro Electric Power Project in Sikkim. Disputes arose regarding the execution of work, cost overrun, and payment of RA Bills, leading to a Settlement Agreement dated 14.12.2013. The Corporate Debtor paid Rs. 10 crores as per the agreement, but disputes persisted regarding the remaining amount. The Operational Creditor issued a Demand Notice, which
…SEW & Prasad - Joint Venture (Operational Creditor) and Gati Infrastructure Private Limited (Corporate Debtor) entered into an agreement on 12.08.2006 for the execution of civil and hydro-mechanical works for the 99 MW Chuzachen Hydro Electric Power Project in Sikkim. The project was commissioned on 11.03.2013. Disputes arose regarding the execution of work, cost overrun, and payment of RA Bills. A Settlement Agreement was signed on 14.12.2013, where the Corporate Debtor agreed to pay Rs. 33.98 crores. The Corporate Debtor paid Rs. 10 crores on 24.12.2013. The balance amount of Rs. 23.98 crores was to be paid by Amrit Jal Ventures Pvt Ltd (AJVPL), the promoter of the Corporate Debtor, in 12 equated monthly installments. AJVPL paid Rs. 4,38,62,120/- and failed to
…Agreement between SEW & Prasad and Gati…
The Chuzachen Hydro…