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Insolvency and BankruptcyApril 19, 2019Case LawsTri
Initiation of Corporate Insolvency Resolution Process - default in making repayment - the Operational Creditor becomes entitled to retention money of 25% or 20% only if it completes the terms of purchase order, especially erection, commissioning and trial run - since contract was not completed, amount does not become due, then there is no question of default - petition dismissed
Initiation of Corporate Insolvency Resolution Process - default in making repayment - the Operational Creditor becomes entitled to retention money of 25% or 20% only if it completes the terms of purchase order, especially erection, commissioning and trial run - since contract was not completed, amount does not become due, then there is no question of default - petition dismissed
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
