The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Enoch Infrabuild LLP to initiate Corporate Insolvency Resolution Process (CIRP) against Archon Powerinfra India Private Limited, alleging a default in payment of Rs. 1,85,00,000/-. The Corporate Debtor filed IA No. 677 of 2021, bringing documents in defense, claiming the amount is disputed due to a pending commercial suit and arbitration proceeding. The applicant claims to be a financial creditor based on a sub-contract agreement dated 24.08.2017 and a subsequent settlement recorded in minutes of meeting dated 16.03.2018, where the Corporate Debtor agreed to pay Rs. 1.85 Crore.
Enoch Infrabuild LLP filed an application under Section 7 of the IBC to initiate CIRP against Archon Powerinfra India Private Limited, claiming a default of Rs. 1,85,00,000/-. Archon Powerinfra India Private Limited (formerly known as SKP Buildcon Pvt. Ltd.) was contracted by Indian Oil Corporation of India Ltd (IOCL) for construction work at an LPG Bottling Plant in Budge Budge, West Bengal. Archon Powerinfra India Private Limited sub-contracted part of the work to Enoch Infrabuild LLP. A sub-contract agreement was executed between Archon Powerinfra India Private Limited and Enoch Infrabuild LLP on 24.08.2017. Minutes of a meeting dated 16.03.2018 indicated that Archon Powerinfra India Private Limited agreed to pay Rs. 1.85 Crore to Enoch Infrabuild LLP. Archon
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The Insolven…
A sub-contract agreement was executed between…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Enoch Infrabuild LLP to initiate Corporate Insolvency Resolution Process (CIRP) against Archon Powerinfra India Private Limited, alleging a default in payment of Rs. 1,85,00,000/-. The Corporate Debtor filed IA No. 677 of 2021, bringing documents in defense, claiming the amount is disputed due to a pending commercial suit and arbitration proceeding. The applicant claims to be a financial creditor based on a sub-contract agreement dated 24.08.2017 and a subsequent settlement recorded in minutes of meeting dated 16.03.2018, where the Corporate Debtor agreed to pay Rs. 1.85 Crore.
Enoch Infrabuild LLP filed an application under Section 7 of the IBC to initiate CIRP against Archon Powerinfra India Private Limited, claiming a default of Rs. 1,85,00,000/-. Archon Powerinfra India Private Limited (formerly known as SKP Buildcon Pvt. Ltd.) was contracted by Indian Oil Corporation of India Ltd (IOCL) for construction work at an LPG Bottling Plant in Budge Budge, West Bengal. Archon Powerinfra India Private Limited sub-contracted part of the work to Enoch Infrabuild LLP. A sub-contract agreement was executed between Archon Powerinfra India Private Limited and Enoch Infrabuild LLP on 24.08.2017. Minutes of a meeting dated 16.03.2018 indicated that Archon Powerinfra India Private Limited agreed to pay Rs. 1.85 Crore to Enoch Infrabuild LLP. Archon
…The Insolven…
A sub-contract agreement was executed between…