Gupta Power Infrastructure 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 India Power Corporation Limited, the Corporate Debtor, for failing to pay a sum of Rs. 5,92,76,817/-. The Operational Creditor claimed that the Corporate Debtor failed to make payments for materials supplied and erection work completed for two 220/132KV AIS Substation and 132 KV Indoor Type GIS sub-stations at Burdwan District of West Bengal. The Corporate Debtor disputed the claim, alleging pre-existing disputes and defaults by the Operational Creditor in submitting Performance Bank Guarantees.
Gupta Power Infrastructure Limited (Operational Creditor) filed a petition against India Power Corporation Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 5,92,76,817/-. The claim comprised Rs. 4,76,04,630/- as principal and Rs. 1,16,72,186/- as interest, calculated at 18% per annum until December 31, 2019. The Operational Creditor supplied materials and completed erection work for the Corporate Debtor's substation projects during 2017-18, issuing invoices totaling Rs. 21,64,21,762/-. The Corporate Debtor made part payments totaling Rs. 16,46,28,611/-, leaving a balance of Rs. 4,76,04,630/- towards principal. The Corporate Debtor issued a letter dated 03 December, 2019, seeking to terminate the Purchase
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The Corporate Debtor approached the…
Operational Creditor…
Gupta Power Infrastructure 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 India Power Corporation Limited, the Corporate Debtor, for failing to pay a sum of Rs. 5,92,76,817/-. The Operational Creditor claimed that the Corporate Debtor failed to make payments for materials supplied and erection work completed for two 220/132KV AIS Substation and 132 KV Indoor Type GIS sub-stations at Burdwan District of West Bengal. The Corporate Debtor disputed the claim, alleging pre-existing disputes and defaults by the Operational Creditor in submitting Performance Bank Guarantees.
Gupta Power Infrastructure Limited (Operational Creditor) filed a petition against India Power Corporation Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 5,92,76,817/-. The claim comprised Rs. 4,76,04,630/- as principal and Rs. 1,16,72,186/- as interest, calculated at 18% per annum until December 31, 2019. The Operational Creditor supplied materials and completed erection work for the Corporate Debtor's substation projects during 2017-18, issuing invoices totaling Rs. 21,64,21,762/-. The Corporate Debtor made part payments totaling Rs. 16,46,28,611/-, leaving a balance of Rs. 4,76,04,630/- towards principal. The Corporate Debtor issued a letter dated 03 December, 2019, seeking to terminate the Purchase
…The Corporate Debtor approached the…
Operational Creditor…