IAC ELECTRICALS PRIVATE LIMITED Vs. ASTER PRIVATE LIMITED

JUDGEMENT

(1.) Iac Electricals Private Limited has filed the present application under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 as the Corporate Debtor is indebted to Operational Creditor for the amount of Rs 1,30,97,600/-including interest at 18% on default amount of Rs. 82,61,542/-.

(2.) Corporate Debtor has been awarded with a Contract by Power Grid Corporation of Station - Angul Transmission line, part-I under common transmission system associated with East Coast and NCC power projects in Srikakulam Area- Part A, vide PGCIL LOA number CC-CS/158 - ER2-TW - 1466/3/GI/NOA-I/4350 and NOA-II/4351.

(3.) The Corporate Debtor has placed a Purchase order bearing No. POTL3OR0026 dated 1st October, 2012 on the Applicant for supply of Hardware Fittings and Accessories for Conductor & Earthwire. The Purchase Order, inter alia, includes the following Conditions: