ABB India Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against BGR Energy Systems Limited, the corporate debtor. The operational creditor claimed an amount of Rs. 53.26 Crores, including principal and interest, based on purchase orders executed between 2017 and 2019. The corporate debtor made partial payments but failed to pay the balance due.
ABB India Limited (Operational Creditor) is a supplier of various materials and equipment. BGR Energy Systems Limited (Corporate Debtor) operates in two segments: supply of systems and equipment, and turnkey engineering projects. Between December 4, 2017, and February 28, 2019, purchase orders were executed between the parties. The Operational Creditor supplied materials as per the purchase orders. Two specific purchase orders stipulated that 100% of payments would be released against the invoice. The Corporate Debtor made partial payments but failed to pay the balance despite repeated requests. The Operational Creditor issued a demand notice under Section 8 of the IBC, 2016, claiming Rs. 53.26 Crores (Rs. 44.65 Crores principal and balance towards interests). The
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Various purchase orders were executed between…
The period during which purchase orders were…
ABB India Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against BGR Energy Systems Limited, the corporate debtor. The operational creditor claimed an amount of Rs. 53.26 Crores, including principal and interest, based on purchase orders executed between 2017 and 2019. The corporate debtor made partial payments but failed to pay the balance due.
ABB India Limited (Operational Creditor) is a supplier of various materials and equipment. BGR Energy Systems Limited (Corporate Debtor) operates in two segments: supply of systems and equipment, and turnkey engineering projects. Between December 4, 2017, and February 28, 2019, purchase orders were executed between the parties. The Operational Creditor supplied materials as per the purchase orders. Two specific purchase orders stipulated that 100% of payments would be released against the invoice. The Corporate Debtor made partial payments but failed to pay the balance despite repeated requests. The Operational Creditor issued a demand notice under Section 8 of the IBC, 2016, claiming Rs. 53.26 Crores (Rs. 44.65 Crores principal and balance towards interests). The
…Various purchase orders were executed between…
The period during which purchase orders were…