The present application, I.A No. 545/2024, was filed on 22/10/2024 under sub-section 5 of Section 60 of the Insolvency and Bankruptcy Code of 2016. The applicant, Embassy Commercial Projects (Whitefield) Private Limited (ECPWPL), sought directions to clarify that its claim should not be extinguished under the approved resolution plan of the corporate debtor, Katerra India Private Limited. ECPWPL also requested the court to direct the respondent to disclose the treatment of ECPWPL's claim under the resolution plan. The application arises from a dispute over contractual obligations and payments related to a project at Embassy Tech Village, where Katerra was the contractor and ECPWPL was a co-developer.
In February 2019, Vikas Telecom Private Limited (VTPL) appointed Synergy Property Development Services Pvt. Ltd. as the Project Management Consultant for a project at Embassy Tech Village. VTPL awarded the contract for the design and build package to Katerra India Pvt Ltd. On 23 December 2020, ECPWPL was appointed as a co-developer by VTPL. Katerra failed to meet project deadlines, leading to a change order and extended timelines. ECPWPL issued notices citing non-performance and losses. Katerra was admitted into insolvency in September 2023. ECPWPL filed a claim of INR 78.16 crore for losses and expenses. The RP disputed ECPWPL's claim, citing Katerra's claim of INR 160.46 crore. The RP issued a demand cum arbitration notice. ECPWPL responded, denying liability and
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Vikas Telecom Private Limited (VTPL) appointed…
VTPL awarded the contract for the Design and…
The present application, I.A No. 545/2024, was filed on 22/10/2024 under sub-section 5 of Section 60 of the Insolvency and Bankruptcy Code of 2016. The applicant, Embassy Commercial Projects (Whitefield) Private Limited (ECPWPL), sought directions to clarify that its claim should not be extinguished under the approved resolution plan of the corporate debtor, Katerra India Private Limited. ECPWPL also requested the court to direct the respondent to disclose the treatment of ECPWPL's claim under the resolution plan. The application arises from a dispute over contractual obligations and payments related to a project at Embassy Tech Village, where Katerra was the contractor and ECPWPL was a co-developer.
In February 2019, Vikas Telecom Private Limited (VTPL) appointed Synergy Property Development Services Pvt. Ltd. as the Project Management Consultant for a project at Embassy Tech Village. VTPL awarded the contract for the design and build package to Katerra India Pvt Ltd. On 23 December 2020, ECPWPL was appointed as a co-developer by VTPL. Katerra failed to meet project deadlines, leading to a change order and extended timelines. ECPWPL issued notices citing non-performance and losses. Katerra was admitted into insolvency in September 2023. ECPWPL filed a claim of INR 78.16 crore for losses and expenses. The RP disputed ECPWPL's claim, citing Katerra's claim of INR 160.46 crore. The RP issued a demand cum arbitration notice. ECPWPL responded, denying liability and
…Vikas Telecom Private Limited (VTPL) appointed…
VTPL awarded the contract for the Design and…