TaxTMI 
TaxTMI 
2021 (2) TMI 1285
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....truction Pvt. Ltd. under Section 9 of Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as "IBC, 2016") for initiation of Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") against the Corporate Debtor namely M/s ONGC Petro Additions Ltd. The total amount in default stands at Rs. 1,51,14,649/- (Rupees One Crore Fifty One Lac Fourteen Thousand Six Hundred Forty Nine Only). 2. The facts, in brief, are that the Operational-Creditor M/s Hardwin Construction Pvt. Ltd. got a work order from Fernas Construction India Pvt. Ltd (hereinafter referred to as "FCIPL") being main contractor / supplier to M/s ONGC Petro Additions Ltd. which has been made Corporate Debtor in the present application. Services were rende....
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....to give some locus to the Operational Creditor against the Corporate Debtor then also in absence of requisite documents which were required in terms of such letters for making the payment directly to the Operational Creditor were also not provided and, therefore, on this account as well there was no merit in this application. 5. We have considered the submissions made by both the parties and material on record. In this petition, it is not in dispute that work order has been placed on the Operational Creditor by M/s Fernas Construction India Pvt. Ltd. (FCIPL) and not by alleged Corporate Debtor. The sole basis for filing this petition against the alleged Corporate Debtor is two letters which are reproduced as under: (1) Ref No: OPa L/B....
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....Pa L/BDA/PR/IU&0/085/14-15/Hardwin-2 Date: 02-09-2016 To, M/s Hardwin Construction Pvt. Ltd. B-110, Kukreja Centre, Sector-11, CBD Belapur, Navi Murnbai-400 614 Kind Attn: Mr. R K Patel / Mr. Anil Singh Subject: Assurance for payment to M/s Hardwin Construction References- Work order No. FIPL/ OPAL/ CONTRA CTS/ 502 dated) 17.08.2016 Dear Sir, With reference to the Purchase order mentioned above, placed by M/s FCIPL on you with regard to supply of labours for commissioning works of gantry & tank farm a....
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....mmendation as to the amount which could be paid. The said assurance is not provided, hence, in our view, no liability can be imposed upon the alleged Corporate Debtor on the basis of said letters of assurance. We also find that the deduction for retention money has also been made by FCIPL as far as Operational Creditor is considered and not by the alleged Corporate Debtor. We have also taken note of the fact that neither such retention money has been deducted by the alleged Corporate Debtor nor it is a subject matter of the said letters of assurance. We also find that the main contractor has not raised the bills for the alleged outstanding amount as well as retention money nor any claim till then had been filed before the RP of FCIPL who wa....