The Principal Bench of the National Company Law Appellate Tribunal (NCLAT) New Delhi has upheld the initiation of Corporate Insolvency Resolution Process (CIRP) over unpaid supply dues of ₹3.19 crore owed to consortium partner Daga Power Systems & Engineers Pvt. Ltd.
The dispute arose out of a joint consortium agreement entered into between the parties for execution of a transmission line project awarded by Odisha Power Transmission CorporationLtd. (OPTCL). Under the internal arrangement executed between the consortium partners Daga Power Systems was entrusted with the supply component of the contract while ASB Energy Systems was responsible for erection and civil works.
The Daga Power Systems contended…