Insolvency petition dismissed as contract incomplete; no default since retention terms unmet. No repayment due.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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....