Sree Ganesh Constructions, an operational creditor, filed an appeal against an order dated 27.08.2021 passed by the National Company Law Tribunal (NCLT), Bench-II, Hyderabad, in I.A. No. 1027 of 2019 in CP (IB) No. 294/7/HDB/2017. The NCLT had dismissed the application filed by Sree Ganesh Constructions seeking a direction to the liquidator of IVRCL Limited, the corporate debtor, to pay a sum of Rs.1,36,75,392. The corporate insolvency resolution process (CIRP) was initiated against IVRCL Limited on 23.02.2018, and subsequently, as no resolution plan was received, the NCLT allowed the application for liquidation on 26.07.2019.
Sree Ganesh Constructions (Appellant) entered into an agreement with IVRCL Limited (Corporate Debtor) to execute work as a sub-contractor for a project. The time period for execution was from 29.09.2015 to 31.07.2016, later extended to 31.07.2017. The Appellant submitted that based on the Final Quality Check Certificate dated 30.05.2018, the Employer raised a Final Bill dated 21.09.2018 for Rs.1,09,66,484.00. The Appellant contended that despite requests to the Resolution Professional and Liquidator, 95% of the payments were not released. The Corporate Debtor made payments for previous bills but not for the 12th and final bill. The Appellant submitted Form B on 24.07.2019. The Corporate Debtor was admitted into CIRP on 23.02.2018, with a completion date of 27.11.2018.
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Sree Ganesh Constructions, an operational creditor, filed an appeal against an order dated 27.08.2021 passed by the National Company Law Tribunal (NCLT), Bench-II, Hyderabad, in I.A. No. 1027 of 2019 in CP (IB) No. 294/7/HDB/2017. The NCLT had dismissed the application filed by Sree Ganesh Constructions seeking a direction to the liquidator of IVRCL Limited, the corporate debtor, to pay a sum of Rs.1,36,75,392. The corporate insolvency resolution process (CIRP) was initiated against IVRCL Limited on 23.02.2018, and subsequently, as no resolution plan was received, the NCLT allowed the application for liquidation on 26.07.2019.
Sree Ganesh Constructions (Appellant) entered into an agreement with IVRCL Limited (Corporate Debtor) to execute work as a sub-contractor for a project. The time period for execution was from 29.09.2015 to 31.07.2016, later extended to 31.07.2017. The Appellant submitted that based on the Final Quality Check Certificate dated 30.05.2018, the Employer raised a Final Bill dated 21.09.2018 for Rs.1,09,66,484.00. The Appellant contended that despite requests to the Resolution Professional and Liquidator, 95% of the payments were not released. The Corporate Debtor made payments for previous bills but not for the 12th and final bill. The Appellant submitted Form B on 24.07.2019. The Corporate Debtor was admitted into CIRP on 23.02.2018, with a completion date of 27.11.2018.
…Agreement between Sree…
Original scheduled…