The case involves a Company Petition filed by SEPCO Electric Power Construction against KSK Mahanadi Power Company under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor sought directions from the Adjudicating Authority to treat a part of its debt as Operational Debt and part as Financial Debt. The Adjudicating Authority granted liberty to the Applicant to withdraw and file separate petitions under section 7 and 9 of IB Code, 2016 respectively.
SEPCO Electric Power Construction, an Operational Creditor, filed a Company Petition against KSK Mahanadi Power Company Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. SEPCO also filed an application (IA No.114/2019) seeking directions from the Adjudicating Authority to treat a portion of the debt as Operational Debt and another portion as Financial Debt. The Adjudicating Authority granted SEPCO liberty to withdraw the petition and file separate petitions under Sections 7 and 9 of the IB Code. SEPCO then filed a memo of withdrawal, seeking liberty to file afresh. The relevance of these facts is that they outline the procedural history and the petitioner's decision to withdraw the initial petition in favor of filing separate
…Sign in to view the parties.
CP(IB) No. 735/9/HDB/201…
Adjudicating Authority granted liberty to the…
Sign in to view related legal provisions.
The case involves a Company Petition filed by SEPCO Electric Power Construction against KSK Mahanadi Power Company under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor sought directions from the Adjudicating Authority to treat a part of its debt as Operational Debt and part as Financial Debt. The Adjudicating Authority granted liberty to the Applicant to withdraw and file separate petitions under section 7 and 9 of IB Code, 2016 respectively.
SEPCO Electric Power Construction, an Operational Creditor, filed a Company Petition against KSK Mahanadi Power Company Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. SEPCO also filed an application (IA No.114/2019) seeking directions from the Adjudicating Authority to treat a portion of the debt as Operational Debt and another portion as Financial Debt. The Adjudicating Authority granted SEPCO liberty to withdraw the petition and file separate petitions under Sections 7 and 9 of the IB Code. SEPCO then filed a memo of withdrawal, seeking liberty to file afresh. The relevance of these facts is that they outline the procedural history and the petitioner's decision to withdraw the initial petition in favor of filing separate
…CP(IB) No. 735/9/HDB/201…
Adjudicating Authority granted liberty to the…
Sign in to view related legal provisions.