The case involves an application filed by the Liquidator of KSS Petron Private Limited (Corporate Debtor) under Sections 43 and 44 of the Insolvency and Bankruptcy Code, 2016, seeking to classify certain transactions as preferential. The Corporate Debtor underwent Corporate Insolvency Resolution Process (CIRP) and subsequently liquidation. The applicant alleges that the Corporate Debtor made preferential payments of Rs. 84 Crores to JSC-OGCC Jazstroy Service (Respondent), a related party, during April 2016 to May 2017, within the look-back period. The Respondent contends that the payments were made in the ordinary course of business under a sub-contract agreement related to the Paradip refinery project and to clear outstanding bank guarantees.
KSS Petron Private Limited (Corporate Debtor) was involved in a refinery project for Indian Oil Corporation Limited (IOCL) at Paradip, Orissa. JSC-OGCC Jazstroy Service (Respondent) was a fellow subsidiary of the Corporate Debtor and subcontracted a portion of the project to the Corporate Debtor. IOCL agreed to advance funds to the Respondent, who in turn advanced them to the Corporate Debtor. The Corporate Debtor also obtained financial assistance from a consortium of lenders led by the State Bank of India. Due to financial difficulties, the Corporate Debtor's loan accounts were classified as non-performing assets, and lenders recalled their dues. The Corporate Debtor made payments totaling Rs. 84 Crores to the Respondent between April 2016 and May 2017. A CIRP was
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Corporate Debtor made payments to the Respondent…
CIRP was initiated…
The case involves an application filed by the Liquidator of KSS Petron Private Limited (Corporate Debtor) under Sections 43 and 44 of the Insolvency and Bankruptcy Code, 2016, seeking to classify certain transactions as preferential. The Corporate Debtor underwent Corporate Insolvency Resolution Process (CIRP) and subsequently liquidation. The applicant alleges that the Corporate Debtor made preferential payments of Rs. 84 Crores to JSC-OGCC Jazstroy Service (Respondent), a related party, during April 2016 to May 2017, within the look-back period. The Respondent contends that the payments were made in the ordinary course of business under a sub-contract agreement related to the Paradip refinery project and to clear outstanding bank guarantees.
KSS Petron Private Limited (Corporate Debtor) was involved in a refinery project for Indian Oil Corporation Limited (IOCL) at Paradip, Orissa. JSC-OGCC Jazstroy Service (Respondent) was a fellow subsidiary of the Corporate Debtor and subcontracted a portion of the project to the Corporate Debtor. IOCL agreed to advance funds to the Respondent, who in turn advanced them to the Corporate Debtor. The Corporate Debtor also obtained financial assistance from a consortium of lenders led by the State Bank of India. Due to financial difficulties, the Corporate Debtor's loan accounts were classified as non-performing assets, and lenders recalled their dues. The Corporate Debtor made payments totaling Rs. 84 Crores to the Respondent between April 2016 and May 2017. A CIRP was
…Corporate Debtor made payments to the Respondent…
CIRP was initiated…