This case involves an appeal against the judgment and order passed by the National Company Law Appellate Tribunal (NCLAT), which had allowed an appeal filed by Overseas Infrastructure Alliance (India) Private Limited (Overseas) against Kay Bouvet Engineering Ltd. (Kay Bouvet). The dispute arose from a project in Sudan financed by a line of credit from the Government of India through Exim Bank. Mashkour Sugar Company Limited (Mashkour) contracted with Overseas, who then subcontracted with Kay Bouvet. Overseas initiated corporate insolvency resolution process (CIRP) against Kay Bouvet under Section 9 of the Insolvency and Bankruptcy Code (IBC), claiming to be an operational creditor. The NCLT dismissed the petition, but NCLAT allowed the appeal, leading Kay Bouvet to
…The Government of India extended a Dollar Line of Credit of USD 150 Million to the Republic of Sudan through Exim Bank of India for the Mashkour Sugar Project in Sudan. Mashkour Sugar Company Limited entered into an agreement with Overseas Infrastructure Alliance (India) Private Limited for USD 149,975,000, financed by Exim Bank. Mashkour was to nominate a sub-contractor. Kay Bouvet Engineering Limited submitted its bid as a sub-contractor, which was accepted by Mashkour. A Memorandum of Understanding was entered into between Mashkour, Overseas, and Kay Bouvet. Overseas was to release payment of USD 10.62 Million to Kay Bouvet on submission of Advance Bank Guarantee and Performance Bank Guarantee by Kay Bouvet to Mashkour. Overseas paid Rs.47,12,10,000/- to Kay Bouvet.
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First tranche of USD 25…
Mashkour Sugar Company Limited entered into an…
This case involves an appeal against the judgment and order passed by the National Company Law Appellate Tribunal (NCLAT), which had allowed an appeal filed by Overseas Infrastructure Alliance (India) Private Limited (Overseas) against Kay Bouvet Engineering Ltd. (Kay Bouvet). The dispute arose from a project in Sudan financed by a line of credit from the Government of India through Exim Bank. Mashkour Sugar Company Limited (Mashkour) contracted with Overseas, who then subcontracted with Kay Bouvet. Overseas initiated corporate insolvency resolution process (CIRP) against Kay Bouvet under Section 9 of the Insolvency and Bankruptcy Code (IBC), claiming to be an operational creditor. The NCLT dismissed the petition, but NCLAT allowed the appeal, leading Kay Bouvet to
…The Government of India extended a Dollar Line of Credit of USD 150 Million to the Republic of Sudan through Exim Bank of India for the Mashkour Sugar Project in Sudan. Mashkour Sugar Company Limited entered into an agreement with Overseas Infrastructure Alliance (India) Private Limited for USD 149,975,000, financed by Exim Bank. Mashkour was to nominate a sub-contractor. Kay Bouvet Engineering Limited submitted its bid as a sub-contractor, which was accepted by Mashkour. A Memorandum of Understanding was entered into between Mashkour, Overseas, and Kay Bouvet. Overseas was to release payment of USD 10.62 Million to Kay Bouvet on submission of Advance Bank Guarantee and Performance Bank Guarantee by Kay Bouvet to Mashkour. Overseas paid Rs.47,12,10,000/- to Kay Bouvet.
…First tranche of USD 25…
Mashkour Sugar Company Limited entered into an…