The appeal was filed by Triumph Realty Pvt. Ltd., the Corporate Debtor, challenging the admission and initiation of Corporate Insolvency Resolution Process (CIRP) against them. The Adjudicating Authority admitted the application filed by Tech India Engineers Pvt. Ltd., the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The basis for admitting the application was that the Corporate Debtor had not raised any dispute by giving a suitable reply to the Demand Notice dated 11.04.2019 issued under Section 8(1) of IBC.
Triumph Realty Pvt. Ltd. (Corporate Debtor) is in the business of Hotels, Tourism, and Travel Services, operating a luxury resort in Goa. They invited tenders for electrical works, which were assigned to Tech India Engineers Pvt. Ltd. (Operational Creditor). An agreement was executed on 07.06.2016, and a Letter of Intent (LOI) dated 20.05.2016 specified payment terms and a 120-day completion timeline. The work was delayed, communicated by the Operational Creditor via email on 05.12.2017. The Corporate Debtor repeatedly reminded the Operational Creditor to complete the work, pointing out defects in emails dated 29.10.2016 and 24.02.2017. The Corporate Debtor assigned pending work to a third party, Yadav Electrical Work, due to the Operational Creditor's inability to
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Agreement executed between Triumph Realty Pvt.…
Letter of Intent…
The appeal was filed by Triumph Realty Pvt. Ltd., the Corporate Debtor, challenging the admission and initiation of Corporate Insolvency Resolution Process (CIRP) against them. The Adjudicating Authority admitted the application filed by Tech India Engineers Pvt. Ltd., the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The basis for admitting the application was that the Corporate Debtor had not raised any dispute by giving a suitable reply to the Demand Notice dated 11.04.2019 issued under Section 8(1) of IBC.
Triumph Realty Pvt. Ltd. (Corporate Debtor) is in the business of Hotels, Tourism, and Travel Services, operating a luxury resort in Goa. They invited tenders for electrical works, which were assigned to Tech India Engineers Pvt. Ltd. (Operational Creditor). An agreement was executed on 07.06.2016, and a Letter of Intent (LOI) dated 20.05.2016 specified payment terms and a 120-day completion timeline. The work was delayed, communicated by the Operational Creditor via email on 05.12.2017. The Corporate Debtor repeatedly reminded the Operational Creditor to complete the work, pointing out defects in emails dated 29.10.2016 and 24.02.2017. The Corporate Debtor assigned pending work to a third party, Yadav Electrical Work, due to the Operational Creditor's inability to
…Agreement executed between Triumph Realty Pvt.…
Letter of Intent…