Steel Authority of India Limited (SAIL) filed an application under Section 42 of the Insolvency and Bankruptcy Code, 2016, against the liquidator of Technofab Manufacturing Limited, Mr. Hrisikesh Dasgupta, seeking reliefs related to its claims. SAIL claimed Rs. 51.86 crores as a crystallized claim for cost overruns in executing balance work pursuant to Risk and Cost Tenders. SAIL sought to set aside the liquidator's order rejecting its claim and declare Technofab Manufacturing Limited's claim as an un-crystallized contractual claim. The application arose from a contract where Technofab Manufacturing Limited was part of a consortium for a project at SAIL's IISCO Steel Plant. Delays and disputes occurred, leading to SAIL encashing the Bank Guarantee and initiating risk
…Steel Authority of India Limited (SAIL) initiated a global tender on 01 November 2010 for upgrading conveyor and crushing/screening buildings at Bolani Ores Mines. Technofab Manufacturing Limited participated and was selected. A Letter of Acceptance was issued on 05 December 2011, followed by a contract on 18 January 2012, with an effective date of 04 January 2012, to be completed by 03 January 2014. Technofab allegedly breached the agreement by failing to mobilize resources. SAIL extended the completion date five times until 30 June 2017. SAIL encashed the performance Bank Guarantee due to Technofab's delays. SAIL issued a Risk Purchase Notice on 22 February 2017, claiming Rs. 51.86 crores in losses. Technofab filed Misc. Case No. 3324 of 2017 in City Civil Court,
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SAIL initiated an open global tender for…
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Steel Authority of India Limited (SAIL) filed an application under Section 42 of the Insolvency and Bankruptcy Code, 2016, against the liquidator of Technofab Manufacturing Limited, Mr. Hrisikesh Dasgupta, seeking reliefs related to its claims. SAIL claimed Rs. 51.86 crores as a crystallized claim for cost overruns in executing balance work pursuant to Risk and Cost Tenders. SAIL sought to set aside the liquidator's order rejecting its claim and declare Technofab Manufacturing Limited's claim as an un-crystallized contractual claim. The application arose from a contract where Technofab Manufacturing Limited was part of a consortium for a project at SAIL's IISCO Steel Plant. Delays and disputes occurred, leading to SAIL encashing the Bank Guarantee and initiating risk
…Steel Authority of India Limited (SAIL) initiated a global tender on 01 November 2010 for upgrading conveyor and crushing/screening buildings at Bolani Ores Mines. Technofab Manufacturing Limited participated and was selected. A Letter of Acceptance was issued on 05 December 2011, followed by a contract on 18 January 2012, with an effective date of 04 January 2012, to be completed by 03 January 2014. Technofab allegedly breached the agreement by failing to mobilize resources. SAIL extended the completion date five times until 30 June 2017. SAIL encashed the performance Bank Guarantee due to Technofab's delays. SAIL issued a Risk Purchase Notice on 22 February 2017, claiming Rs. 51.86 crores in losses. Technofab filed Misc. Case No. 3324 of 2017 in City Civil Court,
…SAIL initiated an open global tender for…
SAIL awarded a Letter…