Sterling and Wilson Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Embassy Energy Private Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's alleged default on a total outstanding principal amount of Rs.99,75,88,940/-, excluding interest, with a default date of 31.01.2019. The Operational Creditor had entered into contracts with IEDCL, who was contracted by IL&FS Solar Power Limited (ISPL), which in turn was engaged by the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor promised to pay the amounts due from IEDCL, leading to the Operational Creditor
…Embassy Energy Private Limited (Corporate Debtor) intended to build and operate a solar photovoltaic electricity generation facility in Karnataka. The Corporate Debtor contracted with IL&FS Solar Power Limited (ISPL), who in turn contracted with IL&FS Energy Development Company (IEDCL). IEDCL appointed Sterling and Wilson Private Limited (Operational Creditor) as a sub-contractor. The Operational Creditor and IEDCL entered into several contracts for the project. The Operational Creditor raised invoices on IEDCL between 21.12.2017 and 24.11.2018. IEDCL defaulted on payments, leading the Operational Creditor to issue a letter dated 04.10.2018 suspending works. In response, the Corporate Debtor issued a letter dated 17.10.2018, stating that it would clear the
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Clause 6.1.3 of the Agreement for Civil Works…
Similar clauses are contained in Clause 6.1.3…
Sterling and Wilson Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Embassy Energy Private Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's alleged default on a total outstanding principal amount of Rs.99,75,88,940/-, excluding interest, with a default date of 31.01.2019. The Operational Creditor had entered into contracts with IEDCL, who was contracted by IL&FS Solar Power Limited (ISPL), which in turn was engaged by the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor promised to pay the amounts due from IEDCL, leading to the Operational Creditor
…Embassy Energy Private Limited (Corporate Debtor) intended to build and operate a solar photovoltaic electricity generation facility in Karnataka. The Corporate Debtor contracted with IL&FS Solar Power Limited (ISPL), who in turn contracted with IL&FS Energy Development Company (IEDCL). IEDCL appointed Sterling and Wilson Private Limited (Operational Creditor) as a sub-contractor. The Operational Creditor and IEDCL entered into several contracts for the project. The Operational Creditor raised invoices on IEDCL between 21.12.2017 and 24.11.2018. IEDCL defaulted on payments, leading the Operational Creditor to issue a letter dated 04.10.2018 suspending works. In response, the Corporate Debtor issued a letter dated 17.10.2018, stating that it would clear the
…Clause 6.1.3 of the Agreement for Civil Works…
Similar clauses are contained in Clause 6.1.3…