Nuevosol Energy Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against IBC Solar Projects Private Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's alleged failure to pay a sum of ₹47,37,957.00 as principal and ₹5,46,747.00 as interest, totaling ₹52,84,704.00. The Corporate Debtor argued that the application was frivolous and baseless, citing delays in the supply of materials by the Operational Creditor and its right to deduct liquidated damages as per the agreement dated 19.09.2016.
Nuevosol Energy Private Limited (Operational Creditor) filed a petition against IBC Solar Projects Private Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016. The claim amounted to ₹52,84,704.00, including principal and interest. The Operational Creditor and Corporate Debtor entered into a Supply Agreement dated 19.09.2016. The Corporate Debtor claimed delays in the supply of materials by the Operational Creditor, leading to the deduction of liquidated damages. The Corporate Debtor informed the Operational Creditor of its right to deduct liquidated damages via email dated 17.05.2017. The Corporate Debtor retained ten percent of the contract value as a performance guarantee. The Operational Creditor argued that the project was
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Operational Creditor…
Corporate Debtor informed the Operational…
Nuevosol Energy Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against IBC Solar Projects Private Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's alleged failure to pay a sum of ₹47,37,957.00 as principal and ₹5,46,747.00 as interest, totaling ₹52,84,704.00. The Corporate Debtor argued that the application was frivolous and baseless, citing delays in the supply of materials by the Operational Creditor and its right to deduct liquidated damages as per the agreement dated 19.09.2016.
Nuevosol Energy Private Limited (Operational Creditor) filed a petition against IBC Solar Projects Private Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016. The claim amounted to ₹52,84,704.00, including principal and interest. The Operational Creditor and Corporate Debtor entered into a Supply Agreement dated 19.09.2016. The Corporate Debtor claimed delays in the supply of materials by the Operational Creditor, leading to the deduction of liquidated damages. The Corporate Debtor informed the Operational Creditor of its right to deduct liquidated damages via email dated 17.05.2017. The Corporate Debtor retained ten percent of the contract value as a performance guarantee. The Operational Creditor argued that the project was
…Operational Creditor…
Corporate Debtor informed the Operational…