The case pertains to a Company Petition filed by Vasavi Power Services Private Limited (Operational Creditor/Petitioner) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Promac Engineering Industries Ltd (Corporate Debtor/Respondent). The petition was filed on the grounds that the Corporate Debtor defaulted on a total outstanding amount of Rs. 2,43,48,930. The date of default was mentioned as 07/09/2019.
Vasavi Power Services Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Promac Engineering Industries Ltd (Corporate Debtor) for defaulting on a total outstanding amount of Rs. 2,43,48,930. The Corporate Debtor awarded a work order to the Operational Creditor on 03/09/2016 for electrical, instrumentation, and automation work in Senegal, Africa, with a total estimated value of Rs. 5,44,31,372. The work order was amended on 12/10/2017, and another work order was placed on 29/12/2017. The work was completed in 29 months instead of 12 months due to delays by the Corporate Debtor. Invoices were raised from 2016 to 2019 and recognized by the Corporate Debtor, who made part-payments from March 2017 to
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Corporate Debtor awarded a Work Order to…
Corporate Debtor…
The case pertains to a Company Petition filed by Vasavi Power Services Private Limited (Operational Creditor/Petitioner) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Promac Engineering Industries Ltd (Corporate Debtor/Respondent). The petition was filed on the grounds that the Corporate Debtor defaulted on a total outstanding amount of Rs. 2,43,48,930. The date of default was mentioned as 07/09/2019.
Vasavi Power Services Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Promac Engineering Industries Ltd (Corporate Debtor) for defaulting on a total outstanding amount of Rs. 2,43,48,930. The Corporate Debtor awarded a work order to the Operational Creditor on 03/09/2016 for electrical, instrumentation, and automation work in Senegal, Africa, with a total estimated value of Rs. 5,44,31,372. The work order was amended on 12/10/2017, and another work order was placed on 29/12/2017. The work was completed in 29 months instead of 12 months due to delays by the Corporate Debtor. Invoices were raised from 2016 to 2019 and recognized by the Corporate Debtor, who made part-payments from March 2017 to
…Corporate Debtor awarded a Work Order to…
Corporate Debtor…