De's Technico Limited, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Indus Projects Limited, the Corporate Debtor (CD), due to a default of Rs.3,20,77,578/-.
The application was filed on 16.08.2021 under Section 9 of the IBC.
The total amount of default alleged is Rs.3,20,77,578/-.
The default is based on work orders issued by the CD to the OC for installation of Rimseal Fire Protection System (RFPS) for ONGC.
The OC filed arbitration proceedings before the West Bengal State Micro and Small Enterprises Facilitation Council, Kolkata (MSME Council).
The MSME Council passed an award dated 13.10.2020 in OC's favor.
The CD challenged the MSME Council's order before the Calcutta High Court.
The OC issued a demand notice dated 30.06.2021 under Section 8 of the IBC.
The CD claimed the OC's claims are barred by limitation.
The CD contended there was a pre-existing dispute over the quality of work.
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De's Technico Limited…
Indus Projects Limited…
De's Technico Limited, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Indus Projects Limited, the Corporate Debtor (CD), due to a default of Rs.3,20,77,578/-.
The application was filed on 16.08.2021 under Section 9 of the IBC.
The total amount of default alleged is Rs.3,20,77,578/-.
The default is based on work orders issued by the CD to the OC for installation of Rimseal Fire Protection System (RFPS) for ONGC.
The OC filed arbitration proceedings before the West Bengal State Micro and Small Enterprises Facilitation Council, Kolkata (MSME Council).
The MSME Council passed an award dated 13.10.2020 in OC's favor.
The CD challenged the MSME Council's order before the Calcutta High Court.
The OC issued a demand notice dated 30.06.2021 under Section 8 of the IBC.
The CD claimed the OC's claims are barred by limitation.
The CD contended there was a pre-existing dispute over the quality of work.
…De's Technico Limited…
Indus Projects Limited…