The case involves a dispute over claims made by State Bank of India (SBI), the Appellant, against IVRCL Limited, the Corporate Debtor (CD), which is undergoing liquidation. SBI had awarded a works contract to IVRCL in March 2012, which was later terminated due to poor performance. SBI filed claims with the Liquidator, which were rejected. This application challenges the rejection of those claims.
In March 2012, IVRCL Ltd (Corporate Debtor) was awarded a works contract by Meja Urja Nigam Pvt Ltd (a subsidiary of NTPC Ltd, the Appellant) for Rs 289.76 crores. The contract was to be completed by December 2016, but was terminated in September 2016 due to IVRCL's poor performance. In September 2017, IVRCL raised a final bill of Rs 126.93 crores. IVRCL was admitted into CIRP in February 2018. In July 2019, the Appellant accepted a reduced claim of Rs 11.29 crores against IVRCL's final bill and raised a claim of Rs 1089.13 crores against IVRCL. In July 2019, liquidation of IVRCL was ordered, and a liquidator was appointed. The Liquidator advised the Appellant to file its claim under IBC, which the Appellant did on 15.04.2020. The Liquidator rejected the Appellant's
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M/s IVRCL Ltd awarded…
Contract completion…
The case involves a dispute over claims made by State Bank of India (SBI), the Appellant, against IVRCL Limited, the Corporate Debtor (CD), which is undergoing liquidation. SBI had awarded a works contract to IVRCL in March 2012, which was later terminated due to poor performance. SBI filed claims with the Liquidator, which were rejected. This application challenges the rejection of those claims.
In March 2012, IVRCL Ltd (Corporate Debtor) was awarded a works contract by Meja Urja Nigam Pvt Ltd (a subsidiary of NTPC Ltd, the Appellant) for Rs 289.76 crores. The contract was to be completed by December 2016, but was terminated in September 2016 due to IVRCL's poor performance. In September 2017, IVRCL raised a final bill of Rs 126.93 crores. IVRCL was admitted into CIRP in February 2018. In July 2019, the Appellant accepted a reduced claim of Rs 11.29 crores against IVRCL's final bill and raised a claim of Rs 1089.13 crores against IVRCL. In July 2019, liquidation of IVRCL was ordered, and a liquidator was appointed. The Liquidator advised the Appellant to file its claim under IBC, which the Appellant did on 15.04.2020. The Liquidator rejected the Appellant's
…M/s IVRCL Ltd awarded…
Contract completion…