The case involves an application filed by Gaja Laxmi Construction, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Baibhav Properties Private Limited. Gaja Laxmi Construction claimed that Baibhav Properties owed them Rs. 88,73,958.00/- for construction work. The corporate debtor admitted to owing a smaller amount of Rs. 17,44,194/- but did not pay it. The operational creditor had sent a statutory demand notice, which the corporate debtor claimed was defective.
Gaja Laxmi Construction, a sole proprietorship, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Baibhav Properties Private Limited, claiming an outstanding debt of Rs. 88,73,958.00/- for construction work. The operational creditor raised 23 tax invoices for a sum of Rs. 3,41,95,626/-. The corporate debtor had paid Rs. 2,47,17,671.00/- after deducting Rs. 6,03,997.00/- towards TDS. The last payment was made on 06.10.2016. The operational creditor sent a statutory demand notice dated 25.07.2019, which was delivered on 03.07.2019. The corporate debtor replied on 27.07.2019, admitting liability to the extent of Rs. 17,44,194/- but did not pay. The corporate debtor
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The case involves an application filed by Gaja Laxmi Construction, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Baibhav Properties Private Limited. Gaja Laxmi Construction claimed that Baibhav Properties owed them Rs. 88,73,958.00/- for construction work. The corporate debtor admitted to owing a smaller amount of Rs. 17,44,194/- but did not pay it. The operational creditor had sent a statutory demand notice, which the corporate debtor claimed was defective.
Gaja Laxmi Construction, a sole proprietorship, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Baibhav Properties Private Limited, claiming an outstanding debt of Rs. 88,73,958.00/- for construction work. The operational creditor raised 23 tax invoices for a sum of Rs. 3,41,95,626/-. The corporate debtor had paid Rs. 2,47,17,671.00/- after deducting Rs. 6,03,997.00/- towards TDS. The last payment was made on 06.10.2016. The operational creditor sent a statutory demand notice dated 25.07.2019, which was delivered on 03.07.2019. The corporate debtor replied on 27.07.2019, admitting liability to the extent of Rs. 17,44,194/- but did not pay. The corporate debtor
…The corporate debtor…
The statutory demand…