Kedari Foundation filed a petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sri Indra Power Energies Limited, alleging default on a principal outstanding amount of Rs. 1,14,85,479.45. The claim includes a principal due of Rs. 90,00,000 and interest of Rs. 24,85,479.45 calculated at 18% p.a. until 03.02.2020. The dispute arose from an Agreement for Sale & Purchase of Power Plant Equipment dated 23.07.2018, where Kedari Foundation agreed to purchase the plant and machineries of Sri Indra Power Energies Limited's biomass power plant. Kedari Foundation paid Rs. 90 Lakh as the first installment, but Sri Indra Power Energies Limited allegedly failed to obtain the necessary NOC from IREDA and issue an
…Kedari Foundation and Sri Indra Power Energies Limited entered into an Agreement for Sale & Purchase of Power Plant Equipment on 23.07.2018. Kedari Foundation agreed to purchase Sri Indra Power Energies Limited's biomass power plant for an agreed sale consideration. Clause 2 of the agreement stipulated that Sri Indra Power Energies Limited must obtain NOC/Permission from IREDA for dismantling the plant within two weeks of the first installment payment of Rs. 90 Lakh by Kedari Foundation and issue a Letter of authorization. Kedari Foundation paid Rs. 90 Lakh via demand drafts dated 22.07.2018 and 23.07.2018. Kedari Foundation claims that Sri Indra Power Energies Limited failed to obtain the NOC from IREDA and issue the authorization letter, breaching the contract.
…Sign in to view the parties.
Kedari Foundation and Sri Indra Power Energies…
Kedari Foundation paid…
Kedari Foundation filed a petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sri Indra Power Energies Limited, alleging default on a principal outstanding amount of Rs. 1,14,85,479.45. The claim includes a principal due of Rs. 90,00,000 and interest of Rs. 24,85,479.45 calculated at 18% p.a. until 03.02.2020. The dispute arose from an Agreement for Sale & Purchase of Power Plant Equipment dated 23.07.2018, where Kedari Foundation agreed to purchase the plant and machineries of Sri Indra Power Energies Limited's biomass power plant. Kedari Foundation paid Rs. 90 Lakh as the first installment, but Sri Indra Power Energies Limited allegedly failed to obtain the necessary NOC from IREDA and issue an
…Kedari Foundation and Sri Indra Power Energies Limited entered into an Agreement for Sale & Purchase of Power Plant Equipment on 23.07.2018. Kedari Foundation agreed to purchase Sri Indra Power Energies Limited's biomass power plant for an agreed sale consideration. Clause 2 of the agreement stipulated that Sri Indra Power Energies Limited must obtain NOC/Permission from IREDA for dismantling the plant within two weeks of the first installment payment of Rs. 90 Lakh by Kedari Foundation and issue a Letter of authorization. Kedari Foundation paid Rs. 90 Lakh via demand drafts dated 22.07.2018 and 23.07.2018. Kedari Foundation claims that Sri Indra Power Energies Limited failed to obtain the NOC from IREDA and issue the authorization letter, breaching the contract.
…Kedari Foundation and Sri Indra Power Energies…
Kedari Foundation paid…