Ravikumar Duraisamy, Member - (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/-. Brief facts of the case are as follows:-
(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: i. In accordance with Corporate Debtor's Contract with PGCIL, Applicant has been instructed by Corporate Debtor to directly consign the material to PGCIL. ii. Total value of Corporate Debtor said Order was Rs. 11,73,18,700//- (Rupees Eleven Crores Seventy Three Lakhs Eighteen Thousand Seven Hundred Only) with applicable PGCIL price Variation Formula over and above the Purchase Order value at extra. The applicable price variation clause is extracted below: "Price Variation Base Date Nov, 2011. PV Formula, calculation and Billing as per PGC1L Formula, Back to Back." iii. 100% payments through 90 days Letter of Credit(LC) iv. Delivery Schedule as per the Purchase Order was in three lots.;