NCC Infrastructure Holdings Limited (“NCCIHL”), filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC, 2016) against TAQA India Power Ventures Private Limited, the Corporate Debtor. The application was based on an alleged operational debt arising from a Securities Purchase Agreement (SPA) dated 19.09.2012, related to the acquisition of shares in Himachal Sorang Power Limited (HSPL). Disputes arose regarding the payment of Rs.9 crore, which NCCIHL claimed was due from TAQA India. Arbitration proceedings were initiated, and an award was passed, but disputes persisted regarding the enforceability of the award and the existence of a pre-existing dispute.
NCC Infrastructure Holdings Limited (NCCIHL) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against TAQA India Power Ventures Private Limited. The dispute stems from a Securities Purchase Agreement (SPA) dated 19.09.2012, where TAQA India was to acquire shares of Himachal Sorang Power Limited (HSPL). HSPL was initially set up as a Special Purpose Vehicle (SPV) for a hydro-electric project. NCC Infrastructure Holdings Limited held 94.92% shares in HSPL. TAQA India agreed to purchase the shares in two tranches. Disputes arose regarding the payment of Rs. 9 crore, which NCCIHL claimed was due. TAQA India withheld the amount, citing breaches by NCCIHL. Arbitration proceedings were initiated, resulting in an award. NCCIHL issued a
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NCC Infrastructure Holdings Limited (“NCCIHL”), filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC, 2016) against TAQA India Power Ventures Private Limited, the Corporate Debtor. The application was based on an alleged operational debt arising from a Securities Purchase Agreement (SPA) dated 19.09.2012, related to the acquisition of shares in Himachal Sorang Power Limited (HSPL). Disputes arose regarding the payment of Rs.9 crore, which NCCIHL claimed was due from TAQA India. Arbitration proceedings were initiated, and an award was passed, but disputes persisted regarding the enforceability of the award and the existence of a pre-existing dispute.
NCC Infrastructure Holdings Limited (NCCIHL) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against TAQA India Power Ventures Private Limited. The dispute stems from a Securities Purchase Agreement (SPA) dated 19.09.2012, where TAQA India was to acquire shares of Himachal Sorang Power Limited (HSPL). HSPL was initially set up as a Special Purpose Vehicle (SPV) for a hydro-electric project. NCC Infrastructure Holdings Limited held 94.92% shares in HSPL. TAQA India agreed to purchase the shares in two tranches. Disputes arose regarding the payment of Rs. 9 crore, which NCCIHL claimed was due. TAQA India withheld the amount, citing breaches by NCCIHL. Arbitration proceedings were initiated, resulting in an award. NCCIHL issued a
…SPA was entered into between the parties for the…
Arbitration proceedings were invoked jointly by…