The case involves an appeal under Section 42 and an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. Bharat Heavy Electricals Ltd. (BHEL) filed a claim as an operational creditor against Visa Power Ltd., which was undergoing liquidation after a failed CIRP. BHEL claimed a statutory charge/lien on the plant and machinery it erected at Visa Power's project site. The liquidator initially admitted part of BHEL's claim as an unsecured debt, leading BHEL to challenge this decision. The Adjudicating Authority set aside the liquidator's order and directed a fresh verification of claims. Subsequently, the liquidator issued a sale certificate for the corporate debtor's assets, including the plant and machinery, which BHEL claimed a lien on. BHEL
…Bharat Heavy Electricals Ltd. (BHEL) and Visa Power Ltd. signed a Letter of Award (LOA) on 2010-06-28 for the supply and erection of plant and machinery. BHEL made supplies and provided services, but Visa Power continuously defaulted on payments. BHEL put the project on hold on 2012-04-27 and invoked the arbitration clause. Visa Power was admitted into CIRP on 2017-12-22 under Section 7 of the IBC. Due to the failure of CIRP, liquidation proceedings were initiated, and a liquidator was appointed. BHEL submitted its claim in Form-B and Form-C, claiming a statutory charge/lien on the plant and machinery. The liquidator provisionally admitted part of BHEL's claim as an unsecured creditor, citing pending arbitration and lack of specific contract for interest. BHEL filed an
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BHEL and Visa Power signed a Letter of Award…
BHEL put the project on…
The case involves an appeal under Section 42 and an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. Bharat Heavy Electricals Ltd. (BHEL) filed a claim as an operational creditor against Visa Power Ltd., which was undergoing liquidation after a failed CIRP. BHEL claimed a statutory charge/lien on the plant and machinery it erected at Visa Power's project site. The liquidator initially admitted part of BHEL's claim as an unsecured debt, leading BHEL to challenge this decision. The Adjudicating Authority set aside the liquidator's order and directed a fresh verification of claims. Subsequently, the liquidator issued a sale certificate for the corporate debtor's assets, including the plant and machinery, which BHEL claimed a lien on. BHEL
…Bharat Heavy Electricals Ltd. (BHEL) and Visa Power Ltd. signed a Letter of Award (LOA) on 2010-06-28 for the supply and erection of plant and machinery. BHEL made supplies and provided services, but Visa Power continuously defaulted on payments. BHEL put the project on hold on 2012-04-27 and invoked the arbitration clause. Visa Power was admitted into CIRP on 2017-12-22 under Section 7 of the IBC. Due to the failure of CIRP, liquidation proceedings were initiated, and a liquidator was appointed. BHEL submitted its claim in Form-B and Form-C, claiming a statutory charge/lien on the plant and machinery. The liquidator provisionally admitted part of BHEL's claim as an unsecured creditor, citing pending arbitration and lack of specific contract for interest. BHEL filed an
…BHEL and Visa Power signed a Letter of Award…
BHEL put the project on…