Premium Transmission Private Limited, the Operational Creditor (OC), filed a Company Petition against BGR Energy Systems Limited, the Corporate Debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to default in discharging a debt. The OC and CD had business transactions for 15 years. Between 2017 and 2018, the CD approached the OC for the supply of gearboxes and related accessories for projects with Andhra Pradesh Power Generation Corporation (APGENCO) and Neyveli Uttar Pradesh Power Limited (NUPPL). The CD placed purchase orders, and the OC provided bank guarantees as requested and supplied the gearboxes and connected materials. Initially, the CD made payments against the invoices, but from March 2018, it defaulted. As of January 9,
…Premium Transmission Private Limited (OC) filed a petition against BGR Energy Systems Limited (CD) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The OC and CD had a 15-year business relationship. Between 2017 and 2018, the CD ordered gearboxes and accessories from the OC for projects with APGENCO and NUPPL. The OC provided bank guarantees and supplied the goods. The CD initially made payments but defaulted from March 2018. As of January 9, 2020, Rs. 5,46,00,613.71/- was due. The OC's representatives met with the CD on October 25, 2019, to discuss the dues, and the CD promised payment by December 2019. The OC sent emails on October 30, 2019, requesting acknowledgment of the dues, but received no response. On November 5, 2019, the CD acknowledged the dues
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The Corporate Debtor (CD) approached the…
The Corporate Debtor (CD) approached the…
Premium Transmission Private Limited, the Operational Creditor (OC), filed a Company Petition against BGR Energy Systems Limited, the Corporate Debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to default in discharging a debt. The OC and CD had business transactions for 15 years. Between 2017 and 2018, the CD approached the OC for the supply of gearboxes and related accessories for projects with Andhra Pradesh Power Generation Corporation (APGENCO) and Neyveli Uttar Pradesh Power Limited (NUPPL). The CD placed purchase orders, and the OC provided bank guarantees as requested and supplied the gearboxes and connected materials. Initially, the CD made payments against the invoices, but from March 2018, it defaulted. As of January 9,
…Premium Transmission Private Limited (OC) filed a petition against BGR Energy Systems Limited (CD) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The OC and CD had a 15-year business relationship. Between 2017 and 2018, the CD ordered gearboxes and accessories from the OC for projects with APGENCO and NUPPL. The OC provided bank guarantees and supplied the goods. The CD initially made payments but defaulted from March 2018. As of January 9, 2020, Rs. 5,46,00,613.71/- was due. The OC's representatives met with the CD on October 25, 2019, to discuss the dues, and the CD promised payment by December 2019. The OC sent emails on October 30, 2019, requesting acknowledgment of the dues, but received no response. On November 5, 2019, the CD acknowledged the dues
…The Corporate Debtor (CD) approached the…
The Corporate Debtor (CD) approached the…