The case involves a petition filed by M/s. Arcee Trading Corporation, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Dev Landcon Private Limited, the corporate debtor. The operational creditor claims that the corporate debtor defaulted on payments for civil structure work assigned vide a work order dated 2017-11-13. The corporate debtor disputes the claim, alleging delays and substandard work, and also raises concerns about the proposed Interim Resolution Professional (IRP).
M/s. Arcee Trading Corporation (Operational Creditor) filed a petition under Section 9 of the IBC against M/s. Dev Landcon Pvt. Ltd. (Corporate Debtor) for a default of Rs. 1,07,55,942 plus interest. The Corporate Debtor assigned civil structure work to the Operational Creditor vide work order dated 2017-11-13. The Operational Creditor started the work and further sub-contracted part of it to M/s. Adstec Construction Company. The first billable work was completed on 2018-07-26, and an invoice was raised on 2018-08-24. The Corporate Debtor took measurements at the site, acknowledged and signed by its General Manager. The Corporate Debtor refused to receive the bill, so it was sent via speed post on 2018-10-31. The Operational Creditor claimed to have done additional
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Corporate Debtor…
Operational C…
The case involves a petition filed by M/s. Arcee Trading Corporation, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Dev Landcon Private Limited, the corporate debtor. The operational creditor claims that the corporate debtor defaulted on payments for civil structure work assigned vide a work order dated 2017-11-13. The corporate debtor disputes the claim, alleging delays and substandard work, and also raises concerns about the proposed Interim Resolution Professional (IRP).
M/s. Arcee Trading Corporation (Operational Creditor) filed a petition under Section 9 of the IBC against M/s. Dev Landcon Pvt. Ltd. (Corporate Debtor) for a default of Rs. 1,07,55,942 plus interest. The Corporate Debtor assigned civil structure work to the Operational Creditor vide work order dated 2017-11-13. The Operational Creditor started the work and further sub-contracted part of it to M/s. Adstec Construction Company. The first billable work was completed on 2018-07-26, and an invoice was raised on 2018-08-24. The Corporate Debtor took measurements at the site, acknowledged and signed by its General Manager. The Corporate Debtor refused to receive the bill, so it was sent via speed post on 2018-10-31. The Operational Creditor claimed to have done additional
…Corporate Debtor…
Operational C…