The case involves an application filed by M/s. Orissa Stevedores Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. The Orissa Minerals Development Company Ltd., the Corporate Debtor. The Operational Creditor claims that the Corporate Debtor defaulted on a payment of Rs. 13,06,89,315/- based on an arbitral award dated 20.05.2015. The Corporate Debtor had issued a tender notice in 2005 for handling, stacking, and stevedoring iron ore fines, which the Operational Creditor won. A contract agreement was signed in 2005 and extended in 2006, ending in 2007. Disputes arose over deductions made by the Corporate Debtor, leading to arbitration proceedings.
M/s Orissa Stevedores Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. The Orissa Minerals Development Company Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The claim is based on an operational debt of Rs. 13,06,89,315/- arising from an arbitral award dated 20.05.2015 in favor of the Operational Creditor. The Corporate Debtor issued a tender notice dated 14.01.2005 for handling, stacking, and stevedoring iron ore fines, which the Operational Creditor won. A contract agreement was signed on 06.04.2005 and extended on 27.03.2006. Disputes arose over deductions made by the Corporate Debtor in the bills, leading to arbitration. The Arbitrator ruled in favor
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The Corporate Debtor issued a tender notice for…
The Operational…
The case involves an application filed by M/s. Orissa Stevedores Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. The Orissa Minerals Development Company Ltd., the Corporate Debtor. The Operational Creditor claims that the Corporate Debtor defaulted on a payment of Rs. 13,06,89,315/- based on an arbitral award dated 20.05.2015. The Corporate Debtor had issued a tender notice in 2005 for handling, stacking, and stevedoring iron ore fines, which the Operational Creditor won. A contract agreement was signed in 2005 and extended in 2006, ending in 2007. Disputes arose over deductions made by the Corporate Debtor, leading to arbitration proceedings.
M/s Orissa Stevedores Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. The Orissa Minerals Development Company Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The claim is based on an operational debt of Rs. 13,06,89,315/- arising from an arbitral award dated 20.05.2015 in favor of the Operational Creditor. The Corporate Debtor issued a tender notice dated 14.01.2005 for handling, stacking, and stevedoring iron ore fines, which the Operational Creditor won. A contract agreement was signed on 06.04.2005 and extended on 27.03.2006. Disputes arose over deductions made by the Corporate Debtor in the bills, leading to arbitration. The Arbitrator ruled in favor
…The Corporate Debtor issued a tender notice for…
The Operational…