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ARTICLE · 29 MARCH 2022

Restructuring & Insolvency Monthly Update | March 2022

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Thereafter, the Appellant addressed a Demand Notice under Section 8 of IBC to the Respondent, to which the Respondent denied that any debt was owed by them to the Appellant.

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
Pratik Ghose
Pratik Ghose
Akriti Shikha
Akriti Shikha
Avishek Roy
Avishek Roy
Bhawana Sharma
Bhawana Sharma
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RECENT JUDGMENTS

M/s Consolidated Construction Consortium Ltd v. M/s Hitro Energy Solutions Pvt Ltd

Supreme Court | Judgment dated February 04, 2022 [Civil Appeal No. 2839 of 2020

Background facts

  • M/s Consolidated Construction Consortium Ltd (Appellant) entered into a contract with Chennai Metro Rail Ltd (CMRL) for supply of light fittings, pursuant to which the Appellant placed  purchase orders with M/s Hitro Energy Solutions (Proprietary Concern) for the supply of light  
  • Upon request of the Appellant, CMRL issued a cheque amounting to INR 50,00,000 to the Proprietary Concern on behalf of the Appellant as an advance for its order; however, it subsequently cancelled its contract with the Appellant since the project that CMRL was working on was terminated. Thereafter, the contract with CMRL was cancelled, and the Appellant repaid  the sum of INR 50,00,000 to CMRL. However, the Appellant was not able to recover the said  amount from the Proprietary

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