Technip Energies India Limited, the applicant, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions regarding the partial rejection of its operational claim submitted to the Resolution Professional (RP) of JBF Petrochemicals Limited, the corporate debtor. The applicant had provided services and supplied equipment and materials to the corporate debtor under multiple contracts. After the corporate debtor was admitted into CIRP, the applicant submitted a claim of Rs. 74,77,28,075/-, but the RP admitted only Rs. 5,88,74,343/-, placing the remaining amount under verification. The RP later rejected the majority of the claim, citing a lack of written acceptance by the corporate debtor for the amount exceeding the balance in
…Technip Energies India Limited (Applicant) provided engineering services and supplied equipment to JBF Petrochemicals Limited (Corporate Debtor) under multiple contracts. The applicant submitted a claim of Rs. 74,77,28,075/- during the Corporate Insolvency Resolution Process (CIRP) of JBF Petrochemicals Limited. The Resolution Professional (RP) admitted only Rs. 5,88,74,343/- of the claim, rejecting the remaining amount due to a lack of written acceptance by the Corporate Debtor. The applicant sought directions from the NCLT to admit the entire claim. The RP relied on the books of accounts of the Corporate Debtor and the absence of written acceptance for the additional amount. The Committee of Creditors (COC) had already approved a resolution plan. The applicant argued
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Technip Energies India Limited, the applicant, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions regarding the partial rejection of its operational claim submitted to the Resolution Professional (RP) of JBF Petrochemicals Limited, the corporate debtor. The applicant had provided services and supplied equipment and materials to the corporate debtor under multiple contracts. After the corporate debtor was admitted into CIRP, the applicant submitted a claim of Rs. 74,77,28,075/-, but the RP admitted only Rs. 5,88,74,343/-, placing the remaining amount under verification. The RP later rejected the majority of the claim, citing a lack of written acceptance by the corporate debtor for the amount exceeding the balance in
…Technip Energies India Limited (Applicant) provided engineering services and supplied equipment to JBF Petrochemicals Limited (Corporate Debtor) under multiple contracts. The applicant submitted a claim of Rs. 74,77,28,075/- during the Corporate Insolvency Resolution Process (CIRP) of JBF Petrochemicals Limited. The Resolution Professional (RP) admitted only Rs. 5,88,74,343/- of the claim, rejecting the remaining amount due to a lack of written acceptance by the Corporate Debtor. The applicant sought directions from the NCLT to admit the entire claim. The RP relied on the books of accounts of the Corporate Debtor and the absence of written acceptance for the additional amount. The Committee of Creditors (COC) had already approved a resolution plan. The applicant argued
…Applicant and Corporate Debtor entered into 3…
Hon'ble High Court of Delhi approved the…