The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Consolidated Construction Consortium Limited (Operational Creditor) filed an application against VA Tech Wabag Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The NCLT initially found the application fit for admission but provided an opportunity to the Corporate Debtor to settle the dues. The Corporate Debtor offered to pay only 50% of the principal amount without interest, which was not accepted by the Operational Creditor.
Consolidated Construction Consortium Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against VA Tech Wabag Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The principal amount claimed by the Operational Creditor was Rs. 1,50,13,529/-. The NCLT initially considered the application fit for admission but granted the Corporate Debtor an opportunity to settle the dues. The Corporate Debtor offered to pay only 50% of the principal amount (Rs. 75,06,764.50) without interest, which the Operational Creditor rejected. The Corporate Debtor's counsel had previously stated that the Corporate Debtor would seek an opportunity to settle the amount in dispute if the application
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Counsels for the Operational Creditor and…
A detailed order was passed, providing an…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Consolidated Construction Consortium Limited (Operational Creditor) filed an application against VA Tech Wabag Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The NCLT initially found the application fit for admission but provided an opportunity to the Corporate Debtor to settle the dues. The Corporate Debtor offered to pay only 50% of the principal amount without interest, which was not accepted by the Operational Creditor.
Consolidated Construction Consortium Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against VA Tech Wabag Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The principal amount claimed by the Operational Creditor was Rs. 1,50,13,529/-. The NCLT initially considered the application fit for admission but granted the Corporate Debtor an opportunity to settle the dues. The Corporate Debtor offered to pay only 50% of the principal amount (Rs. 75,06,764.50) without interest, which the Operational Creditor rejected. The Corporate Debtor's counsel had previously stated that the Corporate Debtor would seek an opportunity to settle the amount in dispute if the application
…Counsels for the Operational Creditor and…
A detailed order was passed, providing an…