The case involves a petition filed by Operational Energy Group of India Private Limited (Operational Creditor) against Sathavahana Ispat Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor claimed that the Corporate Debtor defaulted in repaying a sum of Rs. 1,02,25,414. The petition sought the initiation of Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP). The Operational Creditor and Corporate Debtor had an agreement for operation and maintenance of the Corporate Debtor's power plant. The Operational Creditor alleged that monthly invoices were not settled as per the agreement, leading to the default.
The Operational Energy Group of India Private Limited (Operational Creditor) and Sathavahana Ispat Limited (Corporate Debtor) entered into an agreement on 01.08.2014 for the operation and maintenance of the Corporate Debtor's power plant for a period of 3 years, effective from 01.09.2014 to 31.08.2017, with a provision for renewal. According to the agreement, monthly invoices were to be settled within two weeks of receipt. The Operational Creditor claimed that invoices from August 2014 to January 2017 were settled, with the final payment for the January 2017 invoice made on 27.02.2017. The Operational Creditor alleged that the Corporate Debtor defaulted on payments for invoices from February 2017 onwards, leading to a total outstanding of Rs. 1,02,25,414 as of
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Operational Creditor and Corporate Debtor…
The agreement for…
The case involves a petition filed by Operational Energy Group of India Private Limited (Operational Creditor) against Sathavahana Ispat Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor claimed that the Corporate Debtor defaulted in repaying a sum of Rs. 1,02,25,414. The petition sought the initiation of Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP). The Operational Creditor and Corporate Debtor had an agreement for operation and maintenance of the Corporate Debtor's power plant. The Operational Creditor alleged that monthly invoices were not settled as per the agreement, leading to the default.
The Operational Energy Group of India Private Limited (Operational Creditor) and Sathavahana Ispat Limited (Corporate Debtor) entered into an agreement on 01.08.2014 for the operation and maintenance of the Corporate Debtor's power plant for a period of 3 years, effective from 01.09.2014 to 31.08.2017, with a provision for renewal. According to the agreement, monthly invoices were to be settled within two weeks of receipt. The Operational Creditor claimed that invoices from August 2014 to January 2017 were settled, with the final payment for the January 2017 invoice made on 27.02.2017. The Operational Creditor alleged that the Corporate Debtor defaulted on payments for invoices from February 2017 onwards, leading to a total outstanding of Rs. 1,02,25,414 as of
…Operational Creditor and Corporate Debtor…
The agreement for…