ABB Power Products and Systems India Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sigma-C Infrastructure Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor failed to make a payment of Rs. 10,10,88,798/-, including principal and interest. The Corporate Debtor allegedly issued six purchase orders for the supply of GIS and other equipment, but only a partial payment was made. The Operational Creditor issued a demand notice on 26 October, 2020, which the Corporate Debtor allegedly did not reply to.
ABB Power Products and Systems India Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sigma-C Infrastructure Private Limited (Corporate Debtor) seeking to initiate CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 10,10,88,798/-, comprising principal (Rs. 7,32,51,745/-) and interest (Rs. 2,78,37,053/-). The Corporate Debtor issued six purchase orders for the supply of GIS and other equipment. Three purchase orders were amended over time and related to the power grid business. After a demerger, the power grid business of ABB India Limited was transferred to the Operational Creditor. The Corporate Debtor received the equipment without dispute. As per the
…Sign in to view the parties.
The Operational Creditor issued a demand notice…
The present petition…
ABB Power Products and Systems India Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sigma-C Infrastructure Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor failed to make a payment of Rs. 10,10,88,798/-, including principal and interest. The Corporate Debtor allegedly issued six purchase orders for the supply of GIS and other equipment, but only a partial payment was made. The Operational Creditor issued a demand notice on 26 October, 2020, which the Corporate Debtor allegedly did not reply to.
ABB Power Products and Systems India Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sigma-C Infrastructure Private Limited (Corporate Debtor) seeking to initiate CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 10,10,88,798/-, comprising principal (Rs. 7,32,51,745/-) and interest (Rs. 2,78,37,053/-). The Corporate Debtor issued six purchase orders for the supply of GIS and other equipment. Three purchase orders were amended over time and related to the power grid business. After a demerger, the power grid business of ABB India Limited was transferred to the Operational Creditor. The Corporate Debtor received the equipment without dispute. As per the
…The Operational Creditor issued a demand notice…
The present petition…