Proton Steels Limited filed an application (I.A. No. 1014/KB/2023) under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking reliefs related to the admission of its claim in the corporate insolvency resolution process of McNally Bharat Engineering Company Limited. The applicant disputed the Resolution Professional's (RP) decision to admit only a portion of its claim (Rs. 6,62,404.54) and sought the admission of its entire claim (Rs. 11,22,71,322.64) as a financial debt. The applicant's claim originated from a contract with the Corporate Debtor for the supply of steel casting, which led to arbitration proceedings and an arbitral award in favor of the applicant.
Proton Steels Limited (the Applicant) had a contract with McNally Bharat Engineering Company Limited (the Corporate Debtor) for the supply of steel casting between 1992 and 1997. The Corporate Debtor failed to pay the entire dues, leading the Applicant to initiate proceedings before the Micro, Small Enterprise Facilitation Council at Cuttack, Orissa (MSMEFC). An arbitral award was passed in favor of the Applicant on 30.11.2011 for Rs. 8,48,711.45. The Applicant sought modification of the award to include interest under the MSMED Act, 2006, which was granted on 13.09.2013. The Corporate Debtor filed a writ petition against the award in the Orissa High Court, which was later withdrawn on 22.02.2023. The Applicant then filed an Execution Petition before the DJ at
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Proton Steels Limited filed an application (I.A. No. 1014/KB/2023) under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking reliefs related to the admission of its claim in the corporate insolvency resolution process of McNally Bharat Engineering Company Limited. The applicant disputed the Resolution Professional's (RP) decision to admit only a portion of its claim (Rs. 6,62,404.54) and sought the admission of its entire claim (Rs. 11,22,71,322.64) as a financial debt. The applicant's claim originated from a contract with the Corporate Debtor for the supply of steel casting, which led to arbitration proceedings and an arbitral award in favor of the applicant.
Proton Steels Limited (the Applicant) had a contract with McNally Bharat Engineering Company Limited (the Corporate Debtor) for the supply of steel casting between 1992 and 1997. The Corporate Debtor failed to pay the entire dues, leading the Applicant to initiate proceedings before the Micro, Small Enterprise Facilitation Council at Cuttack, Orissa (MSMEFC). An arbitral award was passed in favor of the Applicant on 30.11.2011 for Rs. 8,48,711.45. The Applicant sought modification of the award to include interest under the MSMED Act, 2006, which was granted on 13.09.2013. The Corporate Debtor filed a writ petition against the award in the Orissa High Court, which was later withdrawn on 22.02.2023. The Applicant then filed an Execution Petition before the DJ at
…Applicant and Corporate Debtor entered into a…
Arbitral award passed…