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. The operational creditor claimed that the corporate debtor defaulted on payments for civil construction work. The corporate debtor admitted to some liability but disputed the total amount claimed.
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, a corporate debtor. Gaja Laxmi Construction claimed that Baibhav Properties Private Limited defaulted on payments for civil construction work. The operational creditor raised 23 tax invoices for a sum of Rs. 3,41,95,626/-. The corporate debtor paid Rs. 2,47,17,671/- after deducting Rs. 6,03,997/- towards TDS, leaving a balance of Rs. 88,73,958/-. 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
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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. The operational creditor claimed that the corporate debtor defaulted on payments for civil construction work. The corporate debtor admitted to some liability but disputed the total amount claimed.
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, a corporate debtor. Gaja Laxmi Construction claimed that Baibhav Properties Private Limited defaulted on payments for civil construction work. The operational creditor raised 23 tax invoices for a sum of Rs. 3,41,95,626/-. The corporate debtor paid Rs. 2,47,17,671/- after deducting Rs. 6,03,997/- towards TDS, leaving a balance of Rs. 88,73,958/-. 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
…Last payment of…
Operational creditor…