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. The petition was based on the Corporate Debtor's alleged failure to pay a sum of Rs. 5,92,76,817, comprising principal and interest, for materials and services provided. The Corporate Debtor contested the claim, asserting pre-existing disputes and deficiencies in the Operational Creditor's performance.
Gupta Power Infrastructure Limited (Operational Creditor) claimed that India Power Corporation Limited (Corporate Debtor) failed to pay Rs. 5,92,76,817/- for materials and services provided between January 2018 and August 2019. The Operational Creditor supplied materials and completed erection work, raising invoices totaling Rs. 21,64,21,762/-, but received only Rs. 16,46,28,611/-. The Corporate Debtor acknowledged a principal amount of Rs. 4,76,04,630/- as due. The Operational Creditor issued a demand notice in Form 3 on 26 August, 2019, seeking Rs. 5,49,58,929.47. The Corporate Debtor claimed that the Operational Creditor defaulted in submitting Performance Bank Guarantees and Advance Bank Guarantees, and that there were pre-existing disputes regarding the quality
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Board Resolution dated 10 February, 2020,…
The present petition was…
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. The petition was based on the Corporate Debtor's alleged failure to pay a sum of Rs. 5,92,76,817, comprising principal and interest, for materials and services provided. The Corporate Debtor contested the claim, asserting pre-existing disputes and deficiencies in the Operational Creditor's performance.
Gupta Power Infrastructure Limited (Operational Creditor) claimed that India Power Corporation Limited (Corporate Debtor) failed to pay Rs. 5,92,76,817/- for materials and services provided between January 2018 and August 2019. The Operational Creditor supplied materials and completed erection work, raising invoices totaling Rs. 21,64,21,762/-, but received only Rs. 16,46,28,611/-. The Corporate Debtor acknowledged a principal amount of Rs. 4,76,04,630/- as due. The Operational Creditor issued a demand notice in Form 3 on 26 August, 2019, seeking Rs. 5,49,58,929.47. The Corporate Debtor claimed that the Operational Creditor defaulted in submitting Performance Bank Guarantees and Advance Bank Guarantees, and that there were pre-existing disputes regarding the quality
…Board Resolution dated 10 February, 2020,…
The present petition was…