The case involves an application by the liquidator of Sunil Hitech Engineers Ltd., the Corporate Debtor, seeking approval from the National Company Law Tribunal (NCLT) to initiate suits and other legal proceedings on behalf of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 2018-09-10, and subsequently, liquidation was ordered on 2019-06-25. The Corporate Debtor, an Engineering, Procurement, and Construction (EPC) company, had various disputes arising from different projects executed, leading to the need for arbitration and legal recourse.
Sunil Hitech Engineers Ltd. (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) on 2018-09-10. Mr. Ashish Rathi was appointed as the Resolution Professional (RP). Due to the absence of a resolution plan, the RP filed an application for liquidation, which was ordered by the Tribunal on 2019-06-25, and the applicant was appointed as the liquidator. The Corporate Debtor, an EPC company, faced disputes related to various projects, resulting in outstanding payments from clients like L&T, Gammon India, NTECL, and BHEL. The liquidator sought permission to initiate arbitration and other legal proceedings to recover these outstanding amounts. The outstanding amounts are substantial, with L&T owing ₹4443.68 Lakhs, Gammon India owing
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Corporate Insolvency Resolution Process (CIRP)…
Tribunal ordered…
The case involves an application by the liquidator of Sunil Hitech Engineers Ltd., the Corporate Debtor, seeking approval from the National Company Law Tribunal (NCLT) to initiate suits and other legal proceedings on behalf of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 2018-09-10, and subsequently, liquidation was ordered on 2019-06-25. The Corporate Debtor, an Engineering, Procurement, and Construction (EPC) company, had various disputes arising from different projects executed, leading to the need for arbitration and legal recourse.
Sunil Hitech Engineers Ltd. (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) on 2018-09-10. Mr. Ashish Rathi was appointed as the Resolution Professional (RP). Due to the absence of a resolution plan, the RP filed an application for liquidation, which was ordered by the Tribunal on 2019-06-25, and the applicant was appointed as the liquidator. The Corporate Debtor, an EPC company, faced disputes related to various projects, resulting in outstanding payments from clients like L&T, Gammon India, NTECL, and BHEL. The liquidator sought permission to initiate arbitration and other legal proceedings to recover these outstanding amounts. The outstanding amounts are substantial, with L&T owing ₹4443.68 Lakhs, Gammon India owing
…Corporate Insolvency Resolution Process (CIRP)…
Tribunal ordered…