The case involves a Company Petition (IB) No. 144/ALD/2018 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Kirloskar Electric Company Limited (Operational Creditor) against Triveni Engineering & Industries Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed an outstanding debt of Rs. 30,54,046/- due to the supply of transformers. The corporate debtor disputed the claim, citing non-compliance with contractual obligations by the operational creditor, specifically regarding the provision of a performance bank guarantee (PBG). The NCLT Allahabad Bench heard the matter.
Kirloskar Electric Company Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Triveni Engineering & Industries Limited, the corporate debtor, claiming an outstanding debt of Rs. 30,54,046/-. The debt arose from the supply of transformers based on purchase orders. The operational creditor supplied the transformers and raised invoices. A letter of credit was issued favouring the operational creditor, and a performance bank guarantee (PBG) was required as per the purchase order. The operational creditor issued a bank guarantee, but the corporate debtor was not satisfied with a particular clause and requested amendments via email dated 20.04.2017. The operational creditor expressed inability to
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Operational creditor raised invoices on…
Letter of Credit vide ILC No 0051NLCU17039409…
The case involves a Company Petition (IB) No. 144/ALD/2018 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Kirloskar Electric Company Limited (Operational Creditor) against Triveni Engineering & Industries Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed an outstanding debt of Rs. 30,54,046/- due to the supply of transformers. The corporate debtor disputed the claim, citing non-compliance with contractual obligations by the operational creditor, specifically regarding the provision of a performance bank guarantee (PBG). The NCLT Allahabad Bench heard the matter.
Kirloskar Electric Company Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Triveni Engineering & Industries Limited, the corporate debtor, claiming an outstanding debt of Rs. 30,54,046/-. The debt arose from the supply of transformers based on purchase orders. The operational creditor supplied the transformers and raised invoices. A letter of credit was issued favouring the operational creditor, and a performance bank guarantee (PBG) was required as per the purchase order. The operational creditor issued a bank guarantee, but the corporate debtor was not satisfied with a particular clause and requested amendments via email dated 20.04.2017. The operational creditor expressed inability to
…Operational creditor raised invoices on…
Letter of Credit vide ILC No 0051NLCU17039409…