ABB India Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against VA Tech WABAG Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The claim pertains to unpaid operational debt arising from purchase and work orders for a project. The Corporate Debtor disputed the claim, citing delays, non-completion of work, and non-issuance of completion certificates.
ABB India Limited (Operational Creditor) filed an application under Section 9 of the IBC, 2016 against VA Tech WABAG Limited (Corporate Debtor) for unpaid operational debt. The debt arose from purchase order No.MBG-P0-171714/10P84 and work order No.MBG-P0-17298/10P84 both dated 09.03.2015, including amendments, for a project viz. APGENCO – RTTP – TSL. The Operational Creditor claimed Rs.10,85,15,671/- as the default amount. The Corporate Debtor granted extensions of time for completion, with the final extension up to 31.03.2020. A reconciliation statement dated 31.01.2019 showed Rs.6,66,40,067/- as the retention amount. The Operational Creditor issued a demand notice under Section 8 of IBC, 2016 on 17.09.2021, served on 18.09.2021. The Corporate Debtor replied on
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Corporate Debtor placed Purchase Order…
Corporate Debtor…
ABB India Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against VA Tech WABAG Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The claim pertains to unpaid operational debt arising from purchase and work orders for a project. The Corporate Debtor disputed the claim, citing delays, non-completion of work, and non-issuance of completion certificates.
ABB India Limited (Operational Creditor) filed an application under Section 9 of the IBC, 2016 against VA Tech WABAG Limited (Corporate Debtor) for unpaid operational debt. The debt arose from purchase order No.MBG-P0-171714/10P84 and work order No.MBG-P0-17298/10P84 both dated 09.03.2015, including amendments, for a project viz. APGENCO – RTTP – TSL. The Operational Creditor claimed Rs.10,85,15,671/- as the default amount. The Corporate Debtor granted extensions of time for completion, with the final extension up to 31.03.2020. A reconciliation statement dated 31.01.2019 showed Rs.6,66,40,067/- as the retention amount. The Operational Creditor issued a demand notice under Section 8 of IBC, 2016 on 17.09.2021, served on 18.09.2021. The Corporate Debtor replied on
…Corporate Debtor placed Purchase Order…
Corporate Debtor…