The case pertains to an application filed by Wellstark Energy Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against Natural Power Asia Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for a work order related to the supply, installation, and commissioning of a 500KW rooftop solar plant. Despite completing the assigned work, a significant portion of the payment remained outstanding.
Wellstark Energy Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Natural Power Asia Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a work order agreement where the Operational Creditor was to supply, install, and commission a 500KW rooftop solar plant for the Corporate Debtor. The work order was issued on 2018-11-21 for Rs. 1,70,00,600. The Operational Creditor completed the work, but only Rs. 50,00,000 was paid. The outstanding amount was Rs. 1,20,00,600. Including interest at 24% per annum, the total debt was Rs. 1,41,60,000 as of 2019-02-21. The Operational Creditor issued a demand
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Natural Power Asia Private Limited (Corporate…
The operational debt of…
The case pertains to an application filed by Wellstark Energy Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against Natural Power Asia Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for a work order related to the supply, installation, and commissioning of a 500KW rooftop solar plant. Despite completing the assigned work, a significant portion of the payment remained outstanding.
Wellstark Energy Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Natural Power Asia Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a work order agreement where the Operational Creditor was to supply, install, and commission a 500KW rooftop solar plant for the Corporate Debtor. The work order was issued on 2018-11-21 for Rs. 1,70,00,600. The Operational Creditor completed the work, but only Rs. 50,00,000 was paid. The outstanding amount was Rs. 1,20,00,600. Including interest at 24% per annum, the total debt was Rs. 1,41,60,000 as of 2019-02-21. The Operational Creditor issued a demand
…Natural Power Asia Private Limited (Corporate…
The operational debt of…