The case involves an application filed under Sections 8 and 9 of the Insolvency and Bankruptcy Code, 2016, by S.S. Engineers (Operational Creditor) against HPCL Biofuels Ltd. (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 13,69,78,237/- along with interest, arising from eight work orders issued by the Corporate Debtor for the upgradation of its plant. The work was divided into supply, works contract, and services portions. The Operational Creditor raised bills from 01.10.2012 to 30.12.2013. The Corporate Debtor was to provide Form “C” as per the terms and conditions, with the last Form “C” provided in March 2018. Disputes arose, leading to non-payment of dues to the
…S.S. Engineers, an operational creditor, filed an application under Sections 8 and 9 of the Insolvency and Bankruptcy Code (IBC) against HPCL Biofuels Ltd., the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The claim was for Rs. 13,69,78,237/- plus interest, arising from eight work orders for plant upgrades. The work was divided into supply, works contract, and services. S.S. Engineers raised bills between 2012 and 2013. HPCL Biofuels was to provide Form “C” as per the agreement. The last Form “C” was provided in March 2018. Disputes arose, leading to non-payment. HPCL Biofuels argued the application was not maintainable because S.S. Engineers was a sole proprietorship, not a legal entity under Section 3(23) of IBC. HPCL
…Sign in to view the parties.
Hearing held…
Order delivere…
The case involves an application filed under Sections 8 and 9 of the Insolvency and Bankruptcy Code, 2016, by S.S. Engineers (Operational Creditor) against HPCL Biofuels Ltd. (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 13,69,78,237/- along with interest, arising from eight work orders issued by the Corporate Debtor for the upgradation of its plant. The work was divided into supply, works contract, and services portions. The Operational Creditor raised bills from 01.10.2012 to 30.12.2013. The Corporate Debtor was to provide Form “C” as per the terms and conditions, with the last Form “C” provided in March 2018. Disputes arose, leading to non-payment of dues to the
…S.S. Engineers, an operational creditor, filed an application under Sections 8 and 9 of the Insolvency and Bankruptcy Code (IBC) against HPCL Biofuels Ltd., the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The claim was for Rs. 13,69,78,237/- plus interest, arising from eight work orders for plant upgrades. The work was divided into supply, works contract, and services. S.S. Engineers raised bills between 2012 and 2013. HPCL Biofuels was to provide Form “C” as per the agreement. The last Form “C” was provided in March 2018. Disputes arose, leading to non-payment. HPCL Biofuels argued the application was not maintainable because S.S. Engineers was a sole proprietorship, not a legal entity under Section 3(23) of IBC. HPCL
…Hearing held…
Order delivere…