2019 (4) TMI 1885

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....s against Ducon Technologies (I) Private Limited, Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on the ground that the Corporate Debtor defaulted in making payment of Rs.1,15,50,712/-including interest, for invoices raised from the year 2011 to 2013. The Petition was filed on 16.07.2018. 2. It is the case of the petitioner that the Corporate Debtor issued Letter of Intent (LoI) to the Operational Creditor for design, engineering, manufacture, supply and supervision of erection & commissioning of Belt conveyors for Alumina Handling Systems, which Ducon was setting up for Hindalco Industries Ltd. (Hindalco)in Odisha and Madhya Pradesh. The Corporate Debtor placed certain Purchase ....

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....l of the Operational Creditor visited the site to resolve some issue in Pulley/Idlers but returned without resolving the issues. The Corporate Debtor had requested the Operational Creditor to resolve the issues soon. Vide another e-mail dated 16.09.2014 the Corporate Debtor raised similar issues about the quality of the goods supplied by the Operational Creditor for another project site and requested to resolve the issues at both the project sites. 4. In the Form-5 filed by the Operational Creditor under the Part-V - Particulars of Operational Debt [Documents, Records and Evidence of Default] under Point-6 - Provision of Law, Contract of Other Document under which Operational Debt has become Due to the Petitioner has relied upon the Lett....

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....reditor shall submit required PBG to Corporate Debtor and Corporate Debtor shall confirm receipt to HIL before the release of final payment. The Corporate Debtor in another e-mail dated 19.02.2015 has again stated that the payment shall be made by the Hindalco directly to the Operational Creditor after the Operational Creditor submits PBG to Corporate Debtor. The Operational Creditor submitted the PBGs vide its letter dated 23.03.2015. The Corporate Debtor in its another e-mail dated 03.07.2015 sent to Hindalco has stated that it would like to give its consent to release an amount of Rs.5,08,615.47/- to the Operational Creditor. However, it is stated in the e-mail that the release of the payment was made subject to confirmation of receipt o....