The case involves a petition filed by IL & FS Engineering and Construction Company Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Offshore Infrastructures Limited (Corporate Debtor) for non-payment of dues related to hiring of construction equipment. The Operational Creditor and Corporate Debtor entered into an agreement on 26.03.2019 for hiring equipment. The Operational Creditor provided machinery and raised invoices from April 2019 to August 2020. The Corporate Debtor made part-payments but was irregular in payments from June 2019 onwards. The Operational Creditor issued a demand notice on 09.05.2022 after repeated follow-ups. The Corporate Debtor
…IL & FS Engineering and Construction Company Limited (Operational Creditor) filed a petition against Offshore Infrastructures Limited (Corporate Debtor) to initiate CIRP under Section 9 of the IBC. The basis of the petition was unpaid dues related to a work order dated 26.03.2019, where the Operational Creditor provided construction equipment to the Corporate Debtor on a hire basis. Invoices were raised from April 2019 to August 2020. The Corporate Debtor made part-payments but defaulted from June 2019. The Operational Creditor issued a demand notice on 09.05.2022. The Corporate Debtor refuted liability on 26.05.2022 and filed I.A. 5694/2023 challenging the petition's maintainability, citing Section 10A of the IBC (which prohibits CIRP initiation for defaults
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Operational Creditor and Corporate Debtor…
Operational C…
The case involves a petition filed by IL & FS Engineering and Construction Company Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Offshore Infrastructures Limited (Corporate Debtor) for non-payment of dues related to hiring of construction equipment. The Operational Creditor and Corporate Debtor entered into an agreement on 26.03.2019 for hiring equipment. The Operational Creditor provided machinery and raised invoices from April 2019 to August 2020. The Corporate Debtor made part-payments but was irregular in payments from June 2019 onwards. The Operational Creditor issued a demand notice on 09.05.2022 after repeated follow-ups. The Corporate Debtor
…IL & FS Engineering and Construction Company Limited (Operational Creditor) filed a petition against Offshore Infrastructures Limited (Corporate Debtor) to initiate CIRP under Section 9 of the IBC. The basis of the petition was unpaid dues related to a work order dated 26.03.2019, where the Operational Creditor provided construction equipment to the Corporate Debtor on a hire basis. Invoices were raised from April 2019 to August 2020. The Corporate Debtor made part-payments but defaulted from June 2019. The Operational Creditor issued a demand notice on 09.05.2022. The Corporate Debtor refuted liability on 26.05.2022 and filed I.A. 5694/2023 challenging the petition's maintainability, citing Section 10A of the IBC (which prohibits CIRP initiation for defaults
…Operational Creditor and Corporate Debtor…
Operational C…