The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Dynamic Cables Limited (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against India Power Corporation (Bodhgaya) Limited (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 2,32,46,235/-, including interest. The Corporate Debtor contested the application, claiming pre-existing disputes and asserting that goods had been taken back, negating the debt.
Dynamic Cables Limited (Operational Creditor) supplied cables to India Power Corporation (Bodhgaya) Limited (Corporate Debtor) against purchase orders. The first purchase order was issued on 05.12.2017, valued at Rs. 2,66,97,824.50/-. Goods worth Rs. 96,62,690/- were supplied in December 2017, and goods worth Rs. 1,69,25,218/- were supplied in January 2018. A principal sum of Rs. 95,69,241/- remained outstanding. Another purchase order/LOA was issued on 09.04.2018, valued at Rs. 3,66,77,518/-. Goods worth Rs. 1,54,95,036/- were supplied in May 2018, and goods worth Rs. 97,01,684/- were supplied in the second half of May 2018. The balance goods were not supplied due to non-receipt of payment. The total value of supplies against the letter of award was stated as Rs.
…Sign in to view the parties.
First purchase order…
The first lot of goods…
The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Dynamic Cables Limited (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against India Power Corporation (Bodhgaya) Limited (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 2,32,46,235/-, including interest. The Corporate Debtor contested the application, claiming pre-existing disputes and asserting that goods had been taken back, negating the debt.
Dynamic Cables Limited (Operational Creditor) supplied cables to India Power Corporation (Bodhgaya) Limited (Corporate Debtor) against purchase orders. The first purchase order was issued on 05.12.2017, valued at Rs. 2,66,97,824.50/-. Goods worth Rs. 96,62,690/- were supplied in December 2017, and goods worth Rs. 1,69,25,218/- were supplied in January 2018. A principal sum of Rs. 95,69,241/- remained outstanding. Another purchase order/LOA was issued on 09.04.2018, valued at Rs. 3,66,77,518/-. Goods worth Rs. 1,54,95,036/- were supplied in May 2018, and goods worth Rs. 97,01,684/- were supplied in the second half of May 2018. The balance goods were not supplied due to non-receipt of payment. The total value of supplies against the letter of award was stated as Rs.
…First purchase order…
The first lot of goods…