UEM India Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Bengal Chemicals & Pharmaceuticals Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on a default of Rs. 38,10,206/- along with interest. The Operational Creditor had carried out work for the Corporate Debtor related to designing and construction of a water treatment plant, and a work completion certificate was issued on February 1, 2013. All payments were released except for the aforementioned sum, which comprised security and performance guarantee. Despite repeated requests, the amount remained unpaid, leading the Operational Creditor to serve a
…UEM India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Bengal Chemicals & Pharmaceuticals Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 38,10,206/- along with interest. The Operational Creditor was engaged in the business of designing and construction of water treatment plants. Pursuant to a tender floated by the Corporate Debtor, the Operational Creditor carried out work at the designated site of the Corporate Debtor. A work completion certificate was issued on February 1, 2013. All payments were released to the Operational Creditor except for Rs. 38,10,206/-, which comprised
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Work completion…
Operational Creditor…
UEM India Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Bengal Chemicals & Pharmaceuticals Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on a default of Rs. 38,10,206/- along with interest. The Operational Creditor had carried out work for the Corporate Debtor related to designing and construction of a water treatment plant, and a work completion certificate was issued on February 1, 2013. All payments were released except for the aforementioned sum, which comprised security and performance guarantee. Despite repeated requests, the amount remained unpaid, leading the Operational Creditor to serve a
…UEM India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Bengal Chemicals & Pharmaceuticals Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 38,10,206/- along with interest. The Operational Creditor was engaged in the business of designing and construction of water treatment plants. Pursuant to a tender floated by the Corporate Debtor, the Operational Creditor carried out work at the designated site of the Corporate Debtor. A work completion certificate was issued on February 1, 2013. All payments were released to the Operational Creditor except for Rs. 38,10,206/-, which comprised
…Work completion…
Operational Creditor…