The case involves an application filed by an Operational Creditor, B E Billimoria and Company Limited, under Section 9 of the Insolvency and Bankruptcy Code (IBC) for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Tidel Park Coimbatore Limited. The dispute arose from an agreement dated 05.09.2008 for construction of Tidel Park at Coimbatore, where the Operational Creditor deposited retention money. Differences led to an Arbitration Clause invocation, resulting in an Arbitral Award on 12.07.2014 for ₹3,06,78,151. The Corporate Debtor was to release ₹3,31,19,232.38 within 15 days and pay 50% of the remaining balance of ₹5,17,21,644 after the Operational Creditor fulfilled obligations regarding snag works. The Corporate Debtor
…The Operational Creditor, B E Billimoria and Company Limited, entered into an agreement with the Corporate Debtor, Tidel Park Coimbatore Limited, on 05.09.2008 for construction work. The Operational Creditor deposited retention money. Disputes arose, leading to an arbitration clause invocation and an Arbitral Award on 12.07.2014 for ₹3,06,78,151. The Corporate Debtor was to release ₹3,31,19,232.38 within 15 days and pay 50% of the remaining balance of ₹5,17,21,644 after the Operational Creditor completed 'snag works'. The Corporate Debtor defaulted on payments, with the amount due, including interest from 12.07.2014, totaling ₹8,38,18,085. The Operational Creditor claimed to have completed the snag works, while the Corporate Debtor argued they were incomplete. A joint
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Agreement between B E Billimoria and Company…
Arbitral Award passed…
The case involves an application filed by an Operational Creditor, B E Billimoria and Company Limited, under Section 9 of the Insolvency and Bankruptcy Code (IBC) for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Tidel Park Coimbatore Limited. The dispute arose from an agreement dated 05.09.2008 for construction of Tidel Park at Coimbatore, where the Operational Creditor deposited retention money. Differences led to an Arbitration Clause invocation, resulting in an Arbitral Award on 12.07.2014 for ₹3,06,78,151. The Corporate Debtor was to release ₹3,31,19,232.38 within 15 days and pay 50% of the remaining balance of ₹5,17,21,644 after the Operational Creditor fulfilled obligations regarding snag works. The Corporate Debtor
…The Operational Creditor, B E Billimoria and Company Limited, entered into an agreement with the Corporate Debtor, Tidel Park Coimbatore Limited, on 05.09.2008 for construction work. The Operational Creditor deposited retention money. Disputes arose, leading to an arbitration clause invocation and an Arbitral Award on 12.07.2014 for ₹3,06,78,151. The Corporate Debtor was to release ₹3,31,19,232.38 within 15 days and pay 50% of the remaining balance of ₹5,17,21,644 after the Operational Creditor completed 'snag works'. The Corporate Debtor defaulted on payments, with the amount due, including interest from 12.07.2014, totaling ₹8,38,18,085. The Operational Creditor claimed to have completed the snag works, while the Corporate Debtor argued they were incomplete. A joint
…Agreement between B E Billimoria and Company…
Arbitral Award passed…