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 contested the claim, citing delays in the supply of materials by the Operational Creditor and invoking a clause in their agreement that allowed for the deduction of liquidated damages.
Nuevosol Energy Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 against IBC Solar Projects Private Limited (Corporate Debtor) for failing to pay ₹47,37,957.00 as principal and ₹5,46,747.00 as interest, totaling ₹52,84,704.00. The debt arose from a Supply Agreement dated 19.09.2016, where the Operational Creditor was to supply components for solar power plants. The Corporate Debtor claimed delays in the supply of materials, invoking clause 6.2(b) of the agreement to levy liquidated damages. The Operational Creditor served a Demand Notice on 17.08.2018, which the Corporate Debtor replied to on 06.11.2019, stating the notice was misconceived due to the delays. The Corporate Debtor had informed the
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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 contested the claim, citing delays in the supply of materials by the Operational Creditor and invoking a clause in their agreement that allowed for the deduction of liquidated damages.
Nuevosol Energy Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 against IBC Solar Projects Private Limited (Corporate Debtor) for failing to pay ₹47,37,957.00 as principal and ₹5,46,747.00 as interest, totaling ₹52,84,704.00. The debt arose from a Supply Agreement dated 19.09.2016, where the Operational Creditor was to supply components for solar power plants. The Corporate Debtor claimed delays in the supply of materials, invoking clause 6.2(b) of the agreement to levy liquidated damages. The Operational Creditor served a Demand Notice on 17.08.2018, which the Corporate Debtor replied to on 06.11.2019, stating the notice was misconceived due to the delays. The Corporate Debtor had informed the
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