EBPL Ventures Private Limited filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Gannon Dunkerley & Co. Limited, claiming non-payment of dues. The Corporate Debtor is a company incorporated on 11.03.1924. The Operational Creditor and Corporate Debtor entered into an LOI dated 07.10.2015. Based on it, the Corporate Debtor placed two Work Orders; one on its own letter head i.e. GANNON DUNKERLEY & CO., LTD. dated 11.07.2016 and second on the letter head of the consortium i.e. GANNON-FLCL CONSORTIUM dated 11.07.2016. The Operational Creditor claims the Corporate Debtor failed to pay a total sum of Rs.8,23,71,145.79/-. The date of default is 30.01.2019.
EBPL Ventures Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC against Gannon Dunkerley & Co. Limited (Corporate Debtor) for non-payment of Rs. 8,23,71,145.79/-, with the date of default being 30.01.2019. The Operational Creditor and Corporate Debtor entered into a Letter of Intent (LOI) on 07.10.2015. Subsequently, the Corporate Debtor issued two work orders, one under its own name (Gannon Dunkerley & Co. Ltd.) and another under the name of a consortium (Gannon-FLCL Consortium), both dated 11.07.2016. The Operational Creditor submitted invoices to the consortium. The Corporate Debtor argued that the invoices were raised on the consortium, not solely on them, and that the Operational Creditor should have pursued arbitration as
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EBPL Ventures Private Limited filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Gannon Dunkerley & Co. Limited, claiming non-payment of dues. The Corporate Debtor is a company incorporated on 11.03.1924. The Operational Creditor and Corporate Debtor entered into an LOI dated 07.10.2015. Based on it, the Corporate Debtor placed two Work Orders; one on its own letter head i.e. GANNON DUNKERLEY & CO., LTD. dated 11.07.2016 and second on the letter head of the consortium i.e. GANNON-FLCL CONSORTIUM dated 11.07.2016. The Operational Creditor claims the Corporate Debtor failed to pay a total sum of Rs.8,23,71,145.79/-. The date of default is 30.01.2019.
EBPL Ventures Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC against Gannon Dunkerley & Co. Limited (Corporate Debtor) for non-payment of Rs. 8,23,71,145.79/-, with the date of default being 30.01.2019. The Operational Creditor and Corporate Debtor entered into a Letter of Intent (LOI) on 07.10.2015. Subsequently, the Corporate Debtor issued two work orders, one under its own name (Gannon Dunkerley & Co. Ltd.) and another under the name of a consortium (Gannon-FLCL Consortium), both dated 11.07.2016. The Operational Creditor submitted invoices to the consortium. The Corporate Debtor argued that the invoices were raised on the consortium, not solely on them, and that the Operational Creditor should have pursued arbitration as
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Operational Creditor…