M/s. Dongwoo Surface Tech (India) Private Limited filed an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to recover Rs. 32,50,000/- from Bhatia Coke and Energy Limited, the Corporate Debtor. Dongwoo had entered into a Letter of Intent (LOI) and a Power Purchase Agreement (PPA) with Bhatia Coke for the purchase of power. Dongwoo paid Rs. 82,50,000/- towards share capital allotment. However, the shares were not allotted, and Bhatia Coke was admitted into the Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) cancelled the PPA and refunded Rs. 50,00,000/-, leaving a balance of Rs. 32,50,000/-. Dongwoo claimed that the RP should pay the balance as a CIRP cost.
M/s. Dongwoo Surface Tech (India) Private Limited (Applicant) entered into a Letter of Intent (LOI) and Power Purchase Agreement (PPA) with M/s. Bhatia Coke and Energy Limited (Corporate Debtor) on 11.03.2019 for the purchase of 1.5 MW of power. The Applicant paid Rs. 82,50,000/- to the Corporate Debtor on 08.03.2019 towards share capital allotment as per the LOI and PPA. However, the Corporate Debtor failed to allot the shares or supply power. On 22.05.2019, the Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP). On 20.06.2019, the Applicant sent a notice of default to the Corporate Debtor. On 21.06.2019, 9141 shares of Vel Casting Private Limited were transferred to the Applicant, but these were not the shares agreed upon in the
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M/s. Dongwoo Surface Tech (India) Private Limited filed an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to recover Rs. 32,50,000/- from Bhatia Coke and Energy Limited, the Corporate Debtor. Dongwoo had entered into a Letter of Intent (LOI) and a Power Purchase Agreement (PPA) with Bhatia Coke for the purchase of power. Dongwoo paid Rs. 82,50,000/- towards share capital allotment. However, the shares were not allotted, and Bhatia Coke was admitted into the Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) cancelled the PPA and refunded Rs. 50,00,000/-, leaving a balance of Rs. 32,50,000/-. Dongwoo claimed that the RP should pay the balance as a CIRP cost.
M/s. Dongwoo Surface Tech (India) Private Limited (Applicant) entered into a Letter of Intent (LOI) and Power Purchase Agreement (PPA) with M/s. Bhatia Coke and Energy Limited (Corporate Debtor) on 11.03.2019 for the purchase of 1.5 MW of power. The Applicant paid Rs. 82,50,000/- to the Corporate Debtor on 08.03.2019 towards share capital allotment as per the LOI and PPA. However, the Corporate Debtor failed to allot the shares or supply power. On 22.05.2019, the Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP). On 20.06.2019, the Applicant sent a notice of default to the Corporate Debtor. On 21.06.2019, 9141 shares of Vel Casting Private Limited were transferred to the Applicant, but these were not the shares agreed upon in the
…Applicant pa…
LOI and PPA entered…