Case Law Details
Bharat Petroresources Limited Vs Jsw Ispat Special Products Limited (Delhi High Court)
Facts- BPRL, GAIL (India) Ltd. has entered into a Production Sharing Contract (PSC) with the Government of India. Thereafter, the members of the consortium entered into an agreement for carrying out joint operations under PSC and the petitioner was selected as the lead operator to carry out the joint operations.
The petitioner raised various Cash Calls on the respondent, however, the respondent failed to comply with the cash calls, therefore, a dispute arose between the parties. The petitioner issued a Default Notice dated 15.07.2016 declaring the respondent as defaulting partner and called upon it to cure the default.
In the meantime, the respondent was admitted to CIRP under the IBC. The petitioner also filed its claim with the Interim Resolution Professional (IRP). The IRP rejected the petitioner’s claims qua the defaults that happened after the ICD.
Subsequently, the petitioner raised more cash calls on the respondent. The CoC approved the final resolution plan on 09.04.2018. Subsequently, the plan was approved by the adjudicating authority.
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