The operational creditor filed a petition under section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process against the corporate debtor for an outstanding operational debt. The corporate debtor contested the application, primarily on the grounds of limitation and pre-existing dispute.
M/s Vasavi Power Services Pvt. Ltd. (Operational Creditor) filed a petition under section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Promac Engineering Industries Ltd. (Corporate Debtor) to initiate Corporate Insolvency Resolution Process. The Operational Creditor claimed a total outstanding amount of Rs. 2,43,48,930/-, with the date of default stated as September 7, 2019, in Part IV of Form 5. The Corporate Debtor had awarded a Work Order on September 3, 2016, for 'Electrical, Instrumentation and Automation' (EIA) system erection and commissioning assistance in Sendou, Senegal, for an estimated value of Rs. 5,44,31,372/- over 12 months. This work order was later amended on October 12, 2017, for additional EIA systems, and another work order for ESP
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Corporate Debtor awarded a Work Order for…
Corporate Debtor…
The operational creditor filed a petition under section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process against the corporate debtor for an outstanding operational debt. The corporate debtor contested the application, primarily on the grounds of limitation and pre-existing dispute.
M/s Vasavi Power Services Pvt. Ltd. (Operational Creditor) filed a petition under section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Promac Engineering Industries Ltd. (Corporate Debtor) to initiate Corporate Insolvency Resolution Process. The Operational Creditor claimed a total outstanding amount of Rs. 2,43,48,930/-, with the date of default stated as September 7, 2019, in Part IV of Form 5. The Corporate Debtor had awarded a Work Order on September 3, 2016, for 'Electrical, Instrumentation and Automation' (EIA) system erection and commissioning assistance in Sendou, Senegal, for an estimated value of Rs. 5,44,31,372/- over 12 months. This work order was later amended on October 12, 2017, for additional EIA systems, and another work order for ESP
…Corporate Debtor awarded a Work Order for…
Corporate Debtor…