2019 (8) TMI 1807

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.... Applicant u/s. 42 of the Insolvency and Bankruptcy Code, 2016 stating that part of the claim of Applicant namely M/s. Indian Oil Corporation Limited i.e., claim of 2.35 Crores towards damages and compensation, 2.90 Crores towards interest component, being rejected by the Resolution Professional, the applicant has sought for admission of the claim along with consequential reliefs. 2. On perusal of this application, it appears that in Para 4 of this application, it has been categorically mentioned that the Applicant has initiated arbitration proceedings against the company by making a claim of 9,87,98,800 towards short fall in upliftment of furnace oil, 2,35,00,0O0 towards damages and compensation for setting up infrastructural facilities....

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....n off soon after entering into an agreement. 6. As to the claims admitted by the Liquidator, he has referred to Clause 8 of the agreement dated 08.02.2010 stating that the Corporate Debtor company (SBQ Steels Private Limited) had agreed to procure a minimum quantity of 10,000 MT of furnace oil per annum from 2nd year onwards till 6th year from the date of upliftment of furnace oil, in the event of any short fall in the upliftment from 2^nd year, the Corporate Debtor Company agreed to make good the loss suffered by the Applicant at the rate of 2OOO per MT of furnace oil and it will be settled on a yearly basis. 7. In view of the Clause 8 of this application, this Applicant is entitled for calculation of the payment for non-upliftment o....