The case involves an appeal filed by Macawber Beekay Private Limited under Section 42 of the Insolvency and Bankruptcy Code, 2016, as a claimant of the Corporate Debtor, Sunil Hitech Engineers Limited. Macawber Beekay filed a claim of Rs. 6,99,18,318, which was rejected by the Resolution Professional (RP). The RP also invoked bank guarantees provided by Macawber Beekay to Sunil Hitech. Macawber Beekay challenged the rejection of its claim and the invocation of the bank guarantees. The dispute arises from a contract related to a thermal power project for MAHAGENCO, where Macawber Beekay was a sub-contractor to Sunil Hitech. The Liquidator of Sunil Hitech also rejected the claim, leading to the present appeal.
In 2009, MAHAGENCO invited tenders for a thermal power project. Sunil Hitech Engineers Limited (SHEL) won the bid and entered into a contract with MAHAGENCO in 2011. Macawber Beekay Private Limited (MBPL) was a sub-contractor to SHEL for the Ash Handling Plant and Mill Reject Handling System. MBPL furnished bank guarantees to SHEL as per the contract terms. Disputes arose between MBPL and SHEL regarding the execution of the project. SHEL terminated the contract, citing MBPL's non-compliance. SHEL invoked the bank guarantees provided by MBPL. MBPL filed a claim with the Resolution Professional (RP) during SHEL's corporate insolvency resolution process (CIRP). The RP rejected MBPL's claim and invoked the bank guarantees. MBPL filed an application under Section 42 of the
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MAHAGENCO invited…
The Applicant, Zuberi Engineering Company,…
The case involves an appeal filed by Macawber Beekay Private Limited under Section 42 of the Insolvency and Bankruptcy Code, 2016, as a claimant of the Corporate Debtor, Sunil Hitech Engineers Limited. Macawber Beekay filed a claim of Rs. 6,99,18,318, which was rejected by the Resolution Professional (RP). The RP also invoked bank guarantees provided by Macawber Beekay to Sunil Hitech. Macawber Beekay challenged the rejection of its claim and the invocation of the bank guarantees. The dispute arises from a contract related to a thermal power project for MAHAGENCO, where Macawber Beekay was a sub-contractor to Sunil Hitech. The Liquidator of Sunil Hitech also rejected the claim, leading to the present appeal.
In 2009, MAHAGENCO invited tenders for a thermal power project. Sunil Hitech Engineers Limited (SHEL) won the bid and entered into a contract with MAHAGENCO in 2011. Macawber Beekay Private Limited (MBPL) was a sub-contractor to SHEL for the Ash Handling Plant and Mill Reject Handling System. MBPL furnished bank guarantees to SHEL as per the contract terms. Disputes arose between MBPL and SHEL regarding the execution of the project. SHEL terminated the contract, citing MBPL's non-compliance. SHEL invoked the bank guarantees provided by MBPL. MBPL filed a claim with the Resolution Professional (RP) during SHEL's corporate insolvency resolution process (CIRP). The RP rejected MBPL's claim and invoked the bank guarantees. MBPL filed an application under Section 42 of the
…MAHAGENCO invited…
The Applicant, Zuberi Engineering Company,…