M/s East Coast Constructions and Industries Ltd filed a company petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Bhubaneshwar Power Pvt Ltd, claiming a sum of Rs. 1,43,14,192/- was due. The Corporate Debtor denied the claim, citing a pre-existing dispute and limitation.
A contract was entered into between East Coast Constructions and Industries Ltd (Operational Creditor) and Bhubaneshwar Power Pvt Ltd (Corporate Debtor) on 14.02.2013 for civil works.
A dispute arose between the parties and was referred to a Sole Arbitrator, who passed an award on 09.12.2016 based on a settlement agreement.
The Corporate Debtor paid Rs. 5,90,00,000/- out of the total agreed amount of Rs. 6,80,00,000/-, retaining Rs. 90,00,000/- for statutory discharges.
The Operational Creditor submitted proof of statutory payments and demanded the release of the balance amount of Rs. 90,00,000/-, which was denied by the Corporate Debtor on 01.07.2022.
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Contract was entered into between East Coast…
Sole Arbitrator passed…
M/s East Coast Constructions and Industries Ltd filed a company petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Bhubaneshwar Power Pvt Ltd, claiming a sum of Rs. 1,43,14,192/- was due. The Corporate Debtor denied the claim, citing a pre-existing dispute and limitation.
A contract was entered into between East Coast Constructions and Industries Ltd (Operational Creditor) and Bhubaneshwar Power Pvt Ltd (Corporate Debtor) on 14.02.2013 for civil works.
A dispute arose between the parties and was referred to a Sole Arbitrator, who passed an award on 09.12.2016 based on a settlement agreement.
The Corporate Debtor paid Rs. 5,90,00,000/- out of the total agreed amount of Rs. 6,80,00,000/-, retaining Rs. 90,00,000/- for statutory discharges.
The Operational Creditor submitted proof of statutory payments and demanded the release of the balance amount of Rs. 90,00,000/-, which was denied by the Corporate Debtor on 01.07.2022.
…Contract was entered into between East Coast…
Sole Arbitrator passed…