OPG Power Generation Private Limited filed IBA/41/2020 under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against TRK Textile (India) Pvt. Ltd., claiming default in payment for power supply. The Operational Creditor and Corporate Debtor had a Power Supply Agreement dated 15.09.2015. The Operational Creditor claimed Rs.47,62,315/- which includes a sum of Rs.11,26,040/- towards principal and Rs.36,36,275/- towards interest on delay of payments.
OPG Power Generation Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against TRK Textile (India) Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The claim was for Rs.47,62,315/-, including principal and interest, arising from a Power Supply Agreement dated 15.09.2015. The Operational Creditor alleged that the Corporate Debtor defaulted on payments. The Corporate Debtor argued that the Operational Creditor unilaterally increased the price of power without proper agreement, and inflated the amount owed by levying unaccounted interest. The Corporate Debtor also stated that there was no agreement entered into for any increase in the cost of the power being
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Power Supply Agreement entered into between OPG…
Tariff was fixed at…
OPG Power Generation Private Limited filed IBA/41/2020 under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against TRK Textile (India) Pvt. Ltd., claiming default in payment for power supply. The Operational Creditor and Corporate Debtor had a Power Supply Agreement dated 15.09.2015. The Operational Creditor claimed Rs.47,62,315/- which includes a sum of Rs.11,26,040/- towards principal and Rs.36,36,275/- towards interest on delay of payments.
OPG Power Generation Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against TRK Textile (India) Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The claim was for Rs.47,62,315/-, including principal and interest, arising from a Power Supply Agreement dated 15.09.2015. The Operational Creditor alleged that the Corporate Debtor defaulted on payments. The Corporate Debtor argued that the Operational Creditor unilaterally increased the price of power without proper agreement, and inflated the amount owed by levying unaccounted interest. The Corporate Debtor also stated that there was no agreement entered into for any increase in the cost of the power being
…Power Supply Agreement entered into between OPG…
Tariff was fixed at…