ITD Cementation India Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sical Iron Ore Terminals Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on an outstanding debt of Rs. 2,15,25,550/-. The Operational Creditor and Corporate Debtor entered into a contract on 06.02.2008 for Design & Detailed Engineering, Supply of materials, Construction, Commissioning and Test Run for off-shore (Jetty) and on-shore civil works for the Iron Ore Port Terminal at Ennore. The Operational Creditor completed the works on 25.04.2011 and raised a final bill on 30.05.2011 for Rs.2,99,33,221/-, but the Corporate Debtor failed to
…ITD Cementation India Limited (Operational Creditor) filed an application against Sical Iron Ore Terminals Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The basis of the application was an unpaid operational debt of Rs. 2,15,25,550/-. The debt arose from a contract dated 06.02.2008 where ITD Cementation was to provide Design & Detailed Engineering, Supply of materials, Construction, Commissioning and Test Run for off-shore (Jetty) and on-shore civil works for the Iron Ore Port Terminal at Ennore. ITD Cementation completed the work by 25.04.2011 and issued a final bill on 30.05.2011 for Rs.2,99,33,221/-. Sical Iron Ore Terminals failed to pay this amount. Sical Iron Ore Terminals returned the Performance Bank Guarantees on
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ITD Cementation India Limited and Sical Iron…
ITD Cementation India…
ITD Cementation India Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sical Iron Ore Terminals Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on an outstanding debt of Rs. 2,15,25,550/-. The Operational Creditor and Corporate Debtor entered into a contract on 06.02.2008 for Design & Detailed Engineering, Supply of materials, Construction, Commissioning and Test Run for off-shore (Jetty) and on-shore civil works for the Iron Ore Port Terminal at Ennore. The Operational Creditor completed the works on 25.04.2011 and raised a final bill on 30.05.2011 for Rs.2,99,33,221/-, but the Corporate Debtor failed to
…ITD Cementation India Limited (Operational Creditor) filed an application against Sical Iron Ore Terminals Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The basis of the application was an unpaid operational debt of Rs. 2,15,25,550/-. The debt arose from a contract dated 06.02.2008 where ITD Cementation was to provide Design & Detailed Engineering, Supply of materials, Construction, Commissioning and Test Run for off-shore (Jetty) and on-shore civil works for the Iron Ore Port Terminal at Ennore. ITD Cementation completed the work by 25.04.2011 and issued a final bill on 30.05.2011 for Rs.2,99,33,221/-. Sical Iron Ore Terminals failed to pay this amount. Sical Iron Ore Terminals returned the Performance Bank Guarantees on
…ITD Cementation India Limited and Sical Iron…
ITD Cementation India…