The case involves an application filed by M/s.Tarapore Constructions Private Limited (Operational Creditor) against M/s. Madras Fertilizers Limited (Corporate Debtor) under Section 9 of the I&B Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The operational creditor claimed an amount of Rs.1,02,32,733/- based on an arbitration award dated 31.03.2004, amended on 25.05.2004, with interest. The corporate debtor disputed the claim, citing that it was a sick company referred to the Board for Industrial & Financial Reconstruction (BIFR) and protected under the Sick Industrial Companies Act (SICA), 1985. The operational creditor issued a demand notice on 17.02.2018, but the corporate debtor failed to
…M/s.Tarapore Constructions Private Limited (Operational Creditor) filed an application under Section 9 of the I&B Code against M/s. Madras Fertilizers Limited (Corporate Debtor) for a debt of Rs.1,02,32,733/- based on an arbitration award. The award was dated 31.03.2004 and amended on 25.05.2004, with interest at 12% per annum, amounting to Rs.1,70,46,330/- as of 15.02.2018. The Operational Creditor executed civil and structural works for the Corporate Debtor's factory. The Corporate Debtor owed Rs.1,89,39,181/-, but disputed the amount, claiming only Rs.16,34,671/- was due. Arbitration proceedings were initiated, and a final award was pronounced on 31.03.2004, amended on 25.05.2004. The Corporate Debtor disputed the award and filed O.P. 659 of 2004 before the
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The case involves an application filed by M/s.Tarapore Constructions Private Limited (Operational Creditor) against M/s. Madras Fertilizers Limited (Corporate Debtor) under Section 9 of the I&B Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The operational creditor claimed an amount of Rs.1,02,32,733/- based on an arbitration award dated 31.03.2004, amended on 25.05.2004, with interest. The corporate debtor disputed the claim, citing that it was a sick company referred to the Board for Industrial & Financial Reconstruction (BIFR) and protected under the Sick Industrial Companies Act (SICA), 1985. The operational creditor issued a demand notice on 17.02.2018, but the corporate debtor failed to
…M/s.Tarapore Constructions Private Limited (Operational Creditor) filed an application under Section 9 of the I&B Code against M/s. Madras Fertilizers Limited (Corporate Debtor) for a debt of Rs.1,02,32,733/- based on an arbitration award. The award was dated 31.03.2004 and amended on 25.05.2004, with interest at 12% per annum, amounting to Rs.1,70,46,330/- as of 15.02.2018. The Operational Creditor executed civil and structural works for the Corporate Debtor's factory. The Corporate Debtor owed Rs.1,89,39,181/-, but disputed the amount, claiming only Rs.16,34,671/- was due. Arbitration proceedings were initiated, and a final award was pronounced on 31.03.2004, amended on 25.05.2004. The Corporate Debtor disputed the award and filed O.P. 659 of 2004 before the
…The Respondent accepted…
The work ord…