The case involves an appeal against an order by the National Company Law Tribunal (NCLT), Hyderabad Bench, which admitted a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against Gati Infrastructure Pvt. Ltd. (GIPL), the Corporate Debtor. The appeal was filed by Yogesh Kundra, the suspended director of GIPL. The operational creditor, Sew & Prasad Joint Venture (SPJV), claimed default in payment related to an agreement for civil and hydro-mechanical works. Disputes arose regarding the execution of the project, leading to a settlement agreement dated December 14, 2013, where GIPL agreed to pay Rs. 10 crores to SPJV. SPJV also agreed not to initiate any legal proceedings against
…Gati Infrastructure Pvt. Ltd. (GIPL), the Corporate Debtor, entered into an agreement with Sew & Prasad Joint Venture (SPJV), the Operational Creditor, on August 12, 2006, for civil and hydro-mechanical works. The project faced delays and disputes. A settlement agreement was reached on December 14, 2013, where GIPL agreed to pay ₹10 crores to SPJV. SPJV also agreed not to initiate legal proceedings against GIPL. GIPL paid ₹10 crores. Amrit Jal Venture Private Limited (AJVPL) was also party to the settlement. AJVPL was to pay the remaining settlement amount. AJVPL paid ₹4,38,62,120 but failed to pay the balance. SPJV approached GIPL on July 21, 2014, for further payment of ₹2.03 crores, which was to be paid after completion of work to GIPL's satisfaction. On March
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Gati Infrastructure Pvt. Ltd. (GIPL) and Sew &…
GIPL, SPJV, and Amrit Jal Venture Private…
The case involves an appeal against an order by the National Company Law Tribunal (NCLT), Hyderabad Bench, which admitted a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against Gati Infrastructure Pvt. Ltd. (GIPL), the Corporate Debtor. The appeal was filed by Yogesh Kundra, the suspended director of GIPL. The operational creditor, Sew & Prasad Joint Venture (SPJV), claimed default in payment related to an agreement for civil and hydro-mechanical works. Disputes arose regarding the execution of the project, leading to a settlement agreement dated December 14, 2013, where GIPL agreed to pay Rs. 10 crores to SPJV. SPJV also agreed not to initiate any legal proceedings against
…Gati Infrastructure Pvt. Ltd. (GIPL), the Corporate Debtor, entered into an agreement with Sew & Prasad Joint Venture (SPJV), the Operational Creditor, on August 12, 2006, for civil and hydro-mechanical works. The project faced delays and disputes. A settlement agreement was reached on December 14, 2013, where GIPL agreed to pay ₹10 crores to SPJV. SPJV also agreed not to initiate legal proceedings against GIPL. GIPL paid ₹10 crores. Amrit Jal Venture Private Limited (AJVPL) was also party to the settlement. AJVPL was to pay the remaining settlement amount. AJVPL paid ₹4,38,62,120 but failed to pay the balance. SPJV approached GIPL on July 21, 2014, for further payment of ₹2.03 crores, which was to be paid after completion of work to GIPL's satisfaction. On March
…Gati Infrastructure Pvt. Ltd. (GIPL) and Sew &…
GIPL, SPJV, and Amrit Jal Venture Private…