M/s. RBCL Projects Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. BPTP Limited, the corporate debtor. The operational creditor claimed an outstanding operational debt of Rs. 4,90,52,740/-, plus interest at 19.50% per annum, totaling Rs. 5,92,08,778.69/-. This debt arose from work orders for three projects: "Park Sentosa," "Discovery Park," and "Astaire Garden." The operational creditor had previously filed a Section 9 petition in 2018, which was withdrawn on January 24, 2019, after a partial settlement for the "Sentosa" project, with liberty to revive the petition in case of default.
…M/s. RBCL Projects Private Limited, the applicant and operational creditor, is a registered MSME involved in infrastructure activities, specifically the completion or finishing of buildings under construction. The respondent, M/s. BPTP Limited, is a real estate company that allotted work to the applicant through various work orders. The present petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
…Work order issued to RBCL Projects Private…
Work order issued for…
M/s. RBCL Projects Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. BPTP Limited, the corporate debtor. The operational creditor claimed an outstanding operational debt of Rs. 4,90,52,740/-, plus interest at 19.50% per annum, totaling Rs. 5,92,08,778.69/-. This debt arose from work orders for three projects: "Park Sentosa," "Discovery Park," and "Astaire Garden." The operational creditor had previously filed a Section 9 petition in 2018, which was withdrawn on January 24, 2019, after a partial settlement for the "Sentosa" project, with liberty to revive the petition in case of default.
…M/s. RBCL Projects Private Limited, the applicant and operational creditor, is a registered MSME involved in infrastructure activities, specifically the completion or finishing of buildings under construction. The respondent, M/s. BPTP Limited, is a real estate company that allotted work to the applicant through various work orders. The present petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
…Work order issued to RBCL Projects Private…
Work order issued for…