M/s. IL&FS Engineering and Construction Co. Ltd. (IECCL) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Nandi Engineering Limited (NEL). The claim arises from an outstanding amount of Rs. 12,48,00,000/- due to IECCL for providing construction services related to the Bangalore-Mysore Infrastructure Corridor Project. The key issue revolves around the assignment of debt and the involvement of Nandi Economic Corridor Enterprises Ltd. (NECE) in the payment arrangement, including a proposed land transfer in lieu of cash payment. The petitioner claims that despite agreements and MOUs, the debt remains unpaid, and the respondent has failed to fulfill its
…M/s. IL&FS Engineering and Construction Co. Ltd. (IECCL), formerly known as Maytas Infra Limited, is the operational creditor. M/s. Nandi Engineering Limited (NEL) is the corporate debtor. IECCL provided construction services for the Bangalore-Mysore Infrastructure Corridor Project. NEL owes IECCL Rs. 12,48,00,000/- for these services. The Government of Karnataka entered into a Tripartite Agreement with Nandi Infrastructure Corridor Enterprise Ltd. (NICE), granting NICE exclusive rights for the Bangalore-Mysore Infrastructure Corridor Project. NICE assigned its right to construct Section-A of the project to Nandi Economic Corridor Enterprises Ltd. (NECE). NEL was awarded the contract for construction of 61 KMs of the Peripheral Road, Link Road, and Expressway by
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Agreement between IL&FS Engineering and…
NEL letter No.NEL/FO/12/262 acknowledging…
M/s. IL&FS Engineering and Construction Co. Ltd. (IECCL) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Nandi Engineering Limited (NEL). The claim arises from an outstanding amount of Rs. 12,48,00,000/- due to IECCL for providing construction services related to the Bangalore-Mysore Infrastructure Corridor Project. The key issue revolves around the assignment of debt and the involvement of Nandi Economic Corridor Enterprises Ltd. (NECE) in the payment arrangement, including a proposed land transfer in lieu of cash payment. The petitioner claims that despite agreements and MOUs, the debt remains unpaid, and the respondent has failed to fulfill its
…M/s. IL&FS Engineering and Construction Co. Ltd. (IECCL), formerly known as Maytas Infra Limited, is the operational creditor. M/s. Nandi Engineering Limited (NEL) is the corporate debtor. IECCL provided construction services for the Bangalore-Mysore Infrastructure Corridor Project. NEL owes IECCL Rs. 12,48,00,000/- for these services. The Government of Karnataka entered into a Tripartite Agreement with Nandi Infrastructure Corridor Enterprise Ltd. (NICE), granting NICE exclusive rights for the Bangalore-Mysore Infrastructure Corridor Project. NICE assigned its right to construct Section-A of the project to Nandi Economic Corridor Enterprises Ltd. (NECE). NEL was awarded the contract for construction of 61 KMs of the Peripheral Road, Link Road, and Expressway by
…Agreement between IL&FS Engineering and…
NEL letter No.NEL/FO/12/262 acknowledging…