M/s. SSP Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Triveni Engineering & Industries LTD., the corporate debtor, due to a default in payment of Rs. 80,79,435. The operational creditor claimed that the corporate debtor failed to pay the outstanding amount for the erection and commissioning of a Multi Effect Evaporator (MEE) plant. The corporate debtor contested the application, citing pre-existing disputes regarding the quality and performance of the plant, as well as the application being time-barred.
M/s. SSP Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 against M/s. Triveni Engineering & Industries LTD. (Corporate Debtor) for a default of Rs. 80,79,435. The debt arose from the erection and commissioning of a Multi Effect Evaporator (MEE) plant. A Letter of Intent (LOI) was issued on 19.11.2015 by the Corporate Debtor to the Operational Creditor. The Operational Creditor claimed to have completed the erection and commissioning of the plant by 02.05.2016. The Corporate Debtor made partial payments but failed to pay the remaining amount. The Corporate Debtor argued that the plant did not perform as per the agreed design, leading to operational losses. The Corporate Debtor sent numerous
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Corporate Debtor issued a Letter of Intent…
The instant application…
M/s. SSP Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Triveni Engineering & Industries LTD., the corporate debtor, due to a default in payment of Rs. 80,79,435. The operational creditor claimed that the corporate debtor failed to pay the outstanding amount for the erection and commissioning of a Multi Effect Evaporator (MEE) plant. The corporate debtor contested the application, citing pre-existing disputes regarding the quality and performance of the plant, as well as the application being time-barred.
M/s. SSP Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 against M/s. Triveni Engineering & Industries LTD. (Corporate Debtor) for a default of Rs. 80,79,435. The debt arose from the erection and commissioning of a Multi Effect Evaporator (MEE) plant. A Letter of Intent (LOI) was issued on 19.11.2015 by the Corporate Debtor to the Operational Creditor. The Operational Creditor claimed to have completed the erection and commissioning of the plant by 02.05.2016. The Corporate Debtor made partial payments but failed to pay the remaining amount. The Corporate Debtor argued that the plant did not perform as per the agreed design, leading to operational losses. The Corporate Debtor sent numerous
…Corporate Debtor issued a Letter of Intent…
The instant application…