Modern Asset (appellant/Operational Creditor) and KNK Construction Private Limited (respondent/Corporate Debtor) had a contract for civil and structural work. KNK Construction Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP). Modern Asset filed a claim of Rs.12,26,30,840/-, but only 0.72% (Rs.8,82,942/- with interest) was admitted in the resolution plan, which was approved by the NCLT. The erstwhile promoters of KNK Construction Private Limited became the Successful Resolution Applicant (SRA). Post-CIRP, KNK Construction Private Limited (SRA) initiated arbitration against Modern Asset for pre-CIRP dues arising from the same contract. Modern Asset argued that its claim was extinguished by the resolution plan and allowing the SRA's claim
…Modern Asset and KNK Construction Private Limited entered into a contract for civil and structural work on 09.07.2018 for a total amount of Rs.133.68 Crores.
The contract included an arbitration clause (Clause 19.13) for dispute resolution.
Modern Asset paid a mobilization advance, and KNK Construction Private Limited furnished a bank guarantee of Rs.1,56,13,250/-.
Work commenced on 01.06.2018, with a timeline extended to 31.12.2019, and 95% of the work was completed.
Modern Asset threatened termination due to unrectified defects and subsequently terminated the contract on 25.02.2020.
KNK Construction Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 11.12.2019.
…Sign in to view the parties.
Appellant and…
Work on the c…
Modern Asset (appellant/Operational Creditor) and KNK Construction Private Limited (respondent/Corporate Debtor) had a contract for civil and structural work. KNK Construction Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP). Modern Asset filed a claim of Rs.12,26,30,840/-, but only 0.72% (Rs.8,82,942/- with interest) was admitted in the resolution plan, which was approved by the NCLT. The erstwhile promoters of KNK Construction Private Limited became the Successful Resolution Applicant (SRA). Post-CIRP, KNK Construction Private Limited (SRA) initiated arbitration against Modern Asset for pre-CIRP dues arising from the same contract. Modern Asset argued that its claim was extinguished by the resolution plan and allowing the SRA's claim
…Modern Asset and KNK Construction Private Limited entered into a contract for civil and structural work on 09.07.2018 for a total amount of Rs.133.68 Crores.
The contract included an arbitration clause (Clause 19.13) for dispute resolution.
Modern Asset paid a mobilization advance, and KNK Construction Private Limited furnished a bank guarantee of Rs.1,56,13,250/-.
Work commenced on 01.06.2018, with a timeline extended to 31.12.2019, and 95% of the work was completed.
Modern Asset threatened termination due to unrectified defects and subsequently terminated the contract on 25.02.2020.
KNK Construction Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 11.12.2019.
…Appellant and…
Work on the c…