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
…1. An agreement was entered on 2008-09-05 between B E Billimoria and Company Limited (Operational Creditor) and Tidel Park Coimbatore Limited (Corporate Debtor) for construction of Tidel Park at Coimbatore.
2. The Operational Creditor deposited retention money to the Corporate Debtor.
3. Disputes arose, leading to invocation of the Arbitration Clause.
4. An Arbitral Award was passed on 2014-07-12 for ₹3,06,78,151.
5. The Corporate Debtor was directed 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.
6. The Corporate Debtor defaulted in paying the retention amount, which aggregated to ₹8,38,18,085 with interest from 2014-07-12.
7. The Operational Creditor
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Agreement between B E Billimoria and Company…
Arbitral Award…
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
…1. An agreement was entered on 2008-09-05 between B E Billimoria and Company Limited (Operational Creditor) and Tidel Park Coimbatore Limited (Corporate Debtor) for construction of Tidel Park at Coimbatore.
2. The Operational Creditor deposited retention money to the Corporate Debtor.
3. Disputes arose, leading to invocation of the Arbitration Clause.
4. An Arbitral Award was passed on 2014-07-12 for ₹3,06,78,151.
5. The Corporate Debtor was directed 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.
6. The Corporate Debtor defaulted in paying the retention amount, which aggregated to ₹8,38,18,085 with interest from 2014-07-12.
7. The Operational Creditor
Agreement between B E Billimoria and Company…
Arbitral Award…