The case involves two applications: CA No. 287/2018 filed by Kirloskar Brothers Ltd. against Rajpur Hydro Power Private Limited (RHPPL) regarding non-approval of their claim by the Resolution Professional (RP), and CA No. 100/2018 filed by the RP for approving the resolution plan of Dolphin Energy Enterprises for RHPPL. Kirloskar Brothers claimed ₹35,42,18,964/- as of the insolvency commencement date (11.07.2017) based on a contract agreement dated 17.02.2014. They alleged RHPPL was irregular in releasing payments and failed to open a letter of credit. The RP, however, verified the claim as per IBBI Regulations and found Kirloskar Brothers not entitled to any claim due to the absence of supporting clauses in the agreements. The CIRP for RHPPL was initiated by Seashells
…Kirloskar Brothers Ltd. (KBL) filed a claim of ₹35,42,18,964/- against Rajpur Hydro Power Private Limited (RHPPL) as of 11.07.2017, the insolvency commencement date, based on a contract agreement dated 17.02.2014. KBL alleged RHPPL was irregular in releasing payments and failed to open a letter of credit. KBL had dispatched certain material to the site and insisted on a letter of credit for the entire value. KBL withheld further supply of pending material worth ₹6,94,22,164/-, which remained idle at their works. KBL filed a proof of claim (Form B) on 27.11.2017 for ₹6,94,22,164/-; material inventory cost of ₹21,10,36,800/-; escalation cost of ₹6,33,60,000/-; overstay cost of ₹90,00,000/-; and watch and ward of ₹14,00,000/-. The RP stated that RHPPL had made a total
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Contract agreement between Kirloskar Brothers…
Insolvency commencement…
The case involves two applications: CA No. 287/2018 filed by Kirloskar Brothers Ltd. against Rajpur Hydro Power Private Limited (RHPPL) regarding non-approval of their claim by the Resolution Professional (RP), and CA No. 100/2018 filed by the RP for approving the resolution plan of Dolphin Energy Enterprises for RHPPL. Kirloskar Brothers claimed ₹35,42,18,964/- as of the insolvency commencement date (11.07.2017) based on a contract agreement dated 17.02.2014. They alleged RHPPL was irregular in releasing payments and failed to open a letter of credit. The RP, however, verified the claim as per IBBI Regulations and found Kirloskar Brothers not entitled to any claim due to the absence of supporting clauses in the agreements. The CIRP for RHPPL was initiated by Seashells
…Kirloskar Brothers Ltd. (KBL) filed a claim of ₹35,42,18,964/- against Rajpur Hydro Power Private Limited (RHPPL) as of 11.07.2017, the insolvency commencement date, based on a contract agreement dated 17.02.2014. KBL alleged RHPPL was irregular in releasing payments and failed to open a letter of credit. KBL had dispatched certain material to the site and insisted on a letter of credit for the entire value. KBL withheld further supply of pending material worth ₹6,94,22,164/-, which remained idle at their works. KBL filed a proof of claim (Form B) on 27.11.2017 for ₹6,94,22,164/-; material inventory cost of ₹21,10,36,800/-; escalation cost of ₹6,33,60,000/-; overstay cost of ₹90,00,000/-; and watch and ward of ₹14,00,000/-. The RP stated that RHPPL had made a total
…Contract agreement between Kirloskar Brothers…
Insolvency commencement…