Karam Enterprise filed a company petition under Section 8 & 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Adhiraj Constructions Private Limited. The petition alleges that Adhiraj Constructions defaulted on a payment of ₹20,34,39,283, inclusive of interest at 12% per annum. Karam Enterprise was awarded a work order for construction, but the work order was terminated by Adhiraj Constructions. Despite completing the work and raising invoices, payments were allegedly not released.
Karam Enterprise (Petitioner) filed a petition against Adhiraj Constructions Private Limited (Corporate Debtor) under Section 8 & 9 of the IBC, 2016, seeking to initiate CIRP for a default of ₹20,34,39,283. The Petitioner was awarded a work order by the Corporate Debtor for construction of 8,77,965 sq. ft. at ₹1170 per sq. ft., totaling ₹102,72,19,050. The Petitioner claims to have completed 100% of the plinth work and raised six invoices. The Corporate Debtor terminated the work order on 2019-02-26. The Corporate Debtor certified the invoices but allegedly did not release the payments. The Corporate Debtor paid ₹8,19,63,690 out of the total invoice value of ₹26,37,44,735. The Petitioner issued a demand notice on 2019-08-05, which the Corporate Debtor replied to on
…Sign in to view the parties.
The Corporate Debtor…
The Corporate Debtor repeatedly complained…
Karam Enterprise filed a company petition under Section 8 & 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Adhiraj Constructions Private Limited. The petition alleges that Adhiraj Constructions defaulted on a payment of ₹20,34,39,283, inclusive of interest at 12% per annum. Karam Enterprise was awarded a work order for construction, but the work order was terminated by Adhiraj Constructions. Despite completing the work and raising invoices, payments were allegedly not released.
Karam Enterprise (Petitioner) filed a petition against Adhiraj Constructions Private Limited (Corporate Debtor) under Section 8 & 9 of the IBC, 2016, seeking to initiate CIRP for a default of ₹20,34,39,283. The Petitioner was awarded a work order by the Corporate Debtor for construction of 8,77,965 sq. ft. at ₹1170 per sq. ft., totaling ₹102,72,19,050. The Petitioner claims to have completed 100% of the plinth work and raised six invoices. The Corporate Debtor terminated the work order on 2019-02-26. The Corporate Debtor certified the invoices but allegedly did not release the payments. The Corporate Debtor paid ₹8,19,63,690 out of the total invoice value of ₹26,37,44,735. The Petitioner issued a demand notice on 2019-08-05, which the Corporate Debtor replied to on
…The Corporate Debtor…
The Corporate Debtor repeatedly complained…