Gandhar Oil Refinery (India) Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ind-Barath Thermal Power Limited, the Corporate Debtor, for a total outstanding debt of Rs. 30,94,22,203/-, comprising a principal amount of Rs. 24,82,60,270/- and interest of Rs. 6,11,61,933/-. The Operational Creditor claimed that the Corporate Debtor had placed orders for the supply of Indonesian Steam Non Coking Coal, and two High Seas Sales (HSS) Agreements were entered into between the parties. The Corporate Debtor disputed the quality of the coal supplied, alleging it was sub-standard and caused damage to their machinery, leading to significant financial losses and eventual closure of the company in June 2017.
Gandhar Oil Refinery (India) Limited (Operational Creditor) filed a petition against Ind-Barath Thermal Power Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a total debt of Rs. 30,94,22,203/-. The debt comprised a principal amount of Rs. 24,82,60,270/- and interest of Rs. 6,11,61,933/-. The Operational Creditor and Corporate Debtor entered into two High Seas Sales (HSS) Agreements dated 26.06.2015 and 12.08.2015 for the supply of Indonesian Steam Non Coking Coal. The Corporate Debtor placed purchase orders dated 25.04.2015 and 20.05.2015 for the coal. The Operational Creditor supplied and delivered the coal. The Corporate Debtor paid Rs. 1 crore on 22.04.2016, adjusted against the invoice dated 26.06.2015. The Corporate
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Corporate Debto…
Corporate Debto…
Gandhar Oil Refinery (India) Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ind-Barath Thermal Power Limited, the Corporate Debtor, for a total outstanding debt of Rs. 30,94,22,203/-, comprising a principal amount of Rs. 24,82,60,270/- and interest of Rs. 6,11,61,933/-. The Operational Creditor claimed that the Corporate Debtor had placed orders for the supply of Indonesian Steam Non Coking Coal, and two High Seas Sales (HSS) Agreements were entered into between the parties. The Corporate Debtor disputed the quality of the coal supplied, alleging it was sub-standard and caused damage to their machinery, leading to significant financial losses and eventual closure of the company in June 2017.
Gandhar Oil Refinery (India) Limited (Operational Creditor) filed a petition against Ind-Barath Thermal Power Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a total debt of Rs. 30,94,22,203/-. The debt comprised a principal amount of Rs. 24,82,60,270/- and interest of Rs. 6,11,61,933/-. The Operational Creditor and Corporate Debtor entered into two High Seas Sales (HSS) Agreements dated 26.06.2015 and 12.08.2015 for the supply of Indonesian Steam Non Coking Coal. The Corporate Debtor placed purchase orders dated 25.04.2015 and 20.05.2015 for the coal. The Operational Creditor supplied and delivered the coal. The Corporate Debtor paid Rs. 1 crore on 22.04.2016, adjusted against the invoice dated 26.06.2015. The Corporate
…Corporate Debto…
Corporate Debto…