Roadwings International Pvt Ltd filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Container Corporation of India Limited (CONCOR) due to a default in payment of Rs. 87,50,18,805/-. The applicant claimed that CONCOR had issued a tender for the manufacture, supply, and commissioning of Reach Stacker Machines, and the applicant was declared the successful bidder. An agreement was executed between the parties, but disputes arose during the contract's continuance. The applicant initiated arbitration proceedings, and the Arbitral Tribunal passed an award in favor of the applicant. Despite a demand notice, CONCOR failed to make the payment or provide a satisfactory reply,
…Roadwings International Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Container Corporation of India Limited (CONCOR) (Corporate Debtor). The claim arose from a default in payment of Rs. 87,50,18,805/- based on an arbitral award. The Corporate Debtor had issued a tender for the manufacture, supply, and commissioning of Reach Stacker Machines, and the Operational Creditor was declared the successful bidder. An agreement was executed between the parties on 18.03.2010. Disputes arose during the contract, leading to arbitration proceedings. The Arbitral Tribunal passed an award in favor of the Operational Creditor on 01.06.2022. The
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Corporate Debtor issued Tender No.…
Applicant was declared the successful bidder…
Roadwings International Pvt Ltd filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Container Corporation of India Limited (CONCOR) due to a default in payment of Rs. 87,50,18,805/-. The applicant claimed that CONCOR had issued a tender for the manufacture, supply, and commissioning of Reach Stacker Machines, and the applicant was declared the successful bidder. An agreement was executed between the parties, but disputes arose during the contract's continuance. The applicant initiated arbitration proceedings, and the Arbitral Tribunal passed an award in favor of the applicant. Despite a demand notice, CONCOR failed to make the payment or provide a satisfactory reply,
…Roadwings International Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Container Corporation of India Limited (CONCOR) (Corporate Debtor). The claim arose from a default in payment of Rs. 87,50,18,805/- based on an arbitral award. The Corporate Debtor had issued a tender for the manufacture, supply, and commissioning of Reach Stacker Machines, and the Operational Creditor was declared the successful bidder. An agreement was executed between the parties on 18.03.2010. Disputes arose during the contract, leading to arbitration proceedings. The Arbitral Tribunal passed an award in favor of the Operational Creditor on 01.06.2022. The
…Corporate Debtor issued Tender No.…
Applicant was declared the successful bidder…