SBL Construction Private Limited filed an application (IA No. 403 of 2018) in CP(IB) No. 294/07/HDB/2017 under Section 60(5) of the IB Code, 2016, against the Resolution Professional of IVRCL Limited. The dispute arose from a sub-contract agreement between SBL Construction and IVRCL for construction work related to an IIT campus. CPWD terminated the main contract with IVRCL, leading to the termination of the sub-contract with SBL Construction. Disputes arose, leading to arbitration proceedings where SBL Construction was awarded Rs. 8.23 Crores plus interest. IVRCL challenged the award in court, and subsequently, CIRP was initiated against IVRCL. SBL Construction filed a claim with the Resolution Professional, which was not admitted. The application sought a direction
…SBL Construction Private Limited (SBL) entered into a sub-contract agreement with IVRCL Limited (IVRCL) for construction work related to an IIT campus project awarded to IVRCL by the Central Public Works Department (CPWD). CPWD terminated its main contract with IVRCL, leading to the termination of the sub-contract with SBL. Disputes arose between SBL and IVRCL, leading to arbitration proceedings. The arbitrator awarded SBL Rs. 8.23 Crores plus interest. IVRCL challenged the arbitral award in court (C.O.P. No. 250/2017). Subsequently, Corporate Insolvency Resolution Process (CIRP) was initiated against IVRCL, and a Resolution Professional (RP) was appointed. SBL filed a claim with the RP, which was not admitted. SBL then filed IA No. 403 of 2018 seeking a direction to
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IVRCL entered into an agreement with CPWD for…
Letter of intent was…
SBL Construction Private Limited filed an application (IA No. 403 of 2018) in CP(IB) No. 294/07/HDB/2017 under Section 60(5) of the IB Code, 2016, against the Resolution Professional of IVRCL Limited. The dispute arose from a sub-contract agreement between SBL Construction and IVRCL for construction work related to an IIT campus. CPWD terminated the main contract with IVRCL, leading to the termination of the sub-contract with SBL Construction. Disputes arose, leading to arbitration proceedings where SBL Construction was awarded Rs. 8.23 Crores plus interest. IVRCL challenged the award in court, and subsequently, CIRP was initiated against IVRCL. SBL Construction filed a claim with the Resolution Professional, which was not admitted. The application sought a direction
…SBL Construction Private Limited (SBL) entered into a sub-contract agreement with IVRCL Limited (IVRCL) for construction work related to an IIT campus project awarded to IVRCL by the Central Public Works Department (CPWD). CPWD terminated its main contract with IVRCL, leading to the termination of the sub-contract with SBL. Disputes arose between SBL and IVRCL, leading to arbitration proceedings. The arbitrator awarded SBL Rs. 8.23 Crores plus interest. IVRCL challenged the arbitral award in court (C.O.P. No. 250/2017). Subsequently, Corporate Insolvency Resolution Process (CIRP) was initiated against IVRCL, and a Resolution Professional (RP) was appointed. SBL filed a claim with the RP, which was not admitted. SBL then filed IA No. 403 of 2018 seeking a direction to
…IVRCL entered into an agreement with CPWD for…
Letter of intent was…