Xicon International Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against VA Tech Wabag Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a sum of Rs.1,63,96,590/- which included principal and interest. The corporate debtor had approached the operational creditor for erection and supply of heavy oil storage tanks and placed purchase orders. Disputes arose regarding the completion of pending jobs and the payment of outstanding dues. A settlement agreement was executed between the parties on 02.10.2021, where the corporate debtor agreed to pay Rs.1,60,94,701/- in six installments. The corporate debtor made some
…Xicon International Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against VA Tech Wabag Limited (Corporate Debtor). The claim was for Rs. 1,63,96,590/-. The Corporate Debtor had approached the Operational Creditor for erection and supply of heavy oil storage tanks, placing purchase orders. The Operational Creditor completed the work and raised invoices. Substantial payments remained outstanding. A settlement agreement was executed on 02.10.2021, where the Corporate Debtor agreed to pay Rs. 1,60,94,701/- in six installments. The Corporate Debtor paid Rs. 1,06,00,000/- in installments, with delays. The Operational Creditor accepted the delayed payments. The Operational Creditor then filed the application
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P.O. No. MBG-PO-16806/10P84 dated…
P.O No. MBG-PO-16807/10P84, dated 22.01.2015,…
Xicon International Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against VA Tech Wabag Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a sum of Rs.1,63,96,590/- which included principal and interest. The corporate debtor had approached the operational creditor for erection and supply of heavy oil storage tanks and placed purchase orders. Disputes arose regarding the completion of pending jobs and the payment of outstanding dues. A settlement agreement was executed between the parties on 02.10.2021, where the corporate debtor agreed to pay Rs.1,60,94,701/- in six installments. The corporate debtor made some
…Xicon International Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against VA Tech Wabag Limited (Corporate Debtor). The claim was for Rs. 1,63,96,590/-. The Corporate Debtor had approached the Operational Creditor for erection and supply of heavy oil storage tanks, placing purchase orders. The Operational Creditor completed the work and raised invoices. Substantial payments remained outstanding. A settlement agreement was executed on 02.10.2021, where the Corporate Debtor agreed to pay Rs. 1,60,94,701/- in six installments. The Corporate Debtor paid Rs. 1,06,00,000/- in installments, with delays. The Operational Creditor accepted the delayed payments. The Operational Creditor then filed the application
…P.O. No. MBG-PO-16806/10P84 dated…
P.O No. MBG-PO-16807/10P84, dated 22.01.2015,…