The case involves an application filed by M/s. Fagioli India Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. EDAC Engineering Limited (Corporate Debtor). The Operational Creditor claimed an outstanding amount of Rs. 47,68,143/- from the Corporate Debtor, arising from work orders issued for executing skidding/dragging and positioning of HP & LP Condenser and lifting and placement of generator stator. The Corporate Debtor argued that there was a pre-existing dispute and had invoked the arbitration clause in the work orders, leading to the appointment of an arbitrator by the High Court.
M/s. Fagioli India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. EDAC Engineering Limited (Corporate Debtor). The Operational Creditor claimed an outstanding debt of Rs. 47,68,143/-, comprising Rs. 40,92,826/- as principal debt and Rs. 6,75,317/- as interest, arising from work orders issued by the Corporate Debtor. The work orders pertained to executing skidding/dragging and positioning of HP & LP Condenser of Unit 1 and Unit 2 x 660 MW TANDA STPP Uttar Pradesh and lifting and placement of generator stator at 1 x 150 MW Nagai Power Plant. The Operational Creditor completed work at the sites and raised invoices. However,
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The case involves an application filed by M/s. Fagioli India Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. EDAC Engineering Limited (Corporate Debtor). The Operational Creditor claimed an outstanding amount of Rs. 47,68,143/- from the Corporate Debtor, arising from work orders issued for executing skidding/dragging and positioning of HP & LP Condenser and lifting and placement of generator stator. The Corporate Debtor argued that there was a pre-existing dispute and had invoked the arbitration clause in the work orders, leading to the appointment of an arbitrator by the High Court.
M/s. Fagioli India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. EDAC Engineering Limited (Corporate Debtor). The Operational Creditor claimed an outstanding debt of Rs. 47,68,143/-, comprising Rs. 40,92,826/- as principal debt and Rs. 6,75,317/- as interest, arising from work orders issued by the Corporate Debtor. The work orders pertained to executing skidding/dragging and positioning of HP & LP Condenser of Unit 1 and Unit 2 x 660 MW TANDA STPP Uttar Pradesh and lifting and placement of generator stator at 1 x 150 MW Nagai Power Plant. The Operational Creditor completed work at the sites and raised invoices. However,
…M/s. EDAC Engineering…
The date of d…