The Adjudicating Authority admitted an Insolvency Application filed by SU1 Capital Pvt. Ltd. against GRD Trucks Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Prashant Agrawal was appointed as the Interim Resolution Professional (IRP) on 2022-04-28. Ashok Leyland Limited, the applicant, filed an application because their claim was rejected by the IRP due to a delay in submission. Ashok Leyland and GRD Trucks had a Vehicle Dealer Agreement dated 2018-02-27. GRD Trucks received an order from M/s Super Mobility Services Pvt. Ltd. for 40 buses, with chassis to be manufactured by Ashok Leyland and body work by Azad Coach Pvt. Ltd. Payments were delayed, leading to a dispute.
…SU1 Capital Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against GRD Trucks Private Limited. Ashok Leyland Limited, an operational creditor, had a Vehicle Dealer Agreement with GRD Trucks. GRD Trucks received an order from M/s Super Mobility Services Pvt. Ltd. for 40 buses, with Ashok Leyland manufacturing the chassis. Payments were delayed, leading to a dispute. Ashok Leyland invoked arbitration and filed an application under Section 11 of the Arbitration and Conciliation Act, 1996, before the Madras High Court, which appointed an arbitrator on 2021-10-28. The total outstanding amount was Rs. 6,57,72,678.30. Ashok Leyland claimed they couldn't submit their claim on time due to being based in Chennai and unaware of the CIRP commencement. The
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Vehicle Dealer Agreement executed between…
Corporate Debtor…
The Adjudicating Authority admitted an Insolvency Application filed by SU1 Capital Pvt. Ltd. against GRD Trucks Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Prashant Agrawal was appointed as the Interim Resolution Professional (IRP) on 2022-04-28. Ashok Leyland Limited, the applicant, filed an application because their claim was rejected by the IRP due to a delay in submission. Ashok Leyland and GRD Trucks had a Vehicle Dealer Agreement dated 2018-02-27. GRD Trucks received an order from M/s Super Mobility Services Pvt. Ltd. for 40 buses, with chassis to be manufactured by Ashok Leyland and body work by Azad Coach Pvt. Ltd. Payments were delayed, leading to a dispute.
…SU1 Capital Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against GRD Trucks Private Limited. Ashok Leyland Limited, an operational creditor, had a Vehicle Dealer Agreement with GRD Trucks. GRD Trucks received an order from M/s Super Mobility Services Pvt. Ltd. for 40 buses, with Ashok Leyland manufacturing the chassis. Payments were delayed, leading to a dispute. Ashok Leyland invoked arbitration and filed an application under Section 11 of the Arbitration and Conciliation Act, 1996, before the Madras High Court, which appointed an arbitrator on 2021-10-28. The total outstanding amount was Rs. 6,57,72,678.30. Ashok Leyland claimed they couldn't submit their claim on time due to being based in Chennai and unaware of the CIRP commencement. The
…Vehicle Dealer Agreement executed between…
Corporate Debtor…