The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Mr. S. Srinivasa Rao, Proprietor of M/s. Vencon Constructions (Operational Creditor), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. East Godavari Breweries Private Limited (Corporate Debtor). The Operational Creditor claims default in payment of Rs.3,69,45,074/- including interest, for services rendered related to the construction of a brewery plant. The Corporate Debtor acknowledges the debt but cites losses due to the termination of a Brewing Agreement and the Covid-19 pandemic as reasons for non-payment.
Mr. S. Srinivasa Rao, operating as M/s. Vencon Constructions, filed a petition against M/s. East Godavari Breweries Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. Vencon Constructions, the Operational Creditor, provided construction services to East Godavari Breweries, the Corporate Debtor, for setting up a brewery plant based on a work order dated 07.02.2015. The work order was initially for two years, ending on 06.02.2017, and was later extended until 06.02.2019. As per the work order, the Corporate Debtor paid an advance of Rs.12,94,00,000/- to the Operational Creditor. The Operational Creditor raised invoices totaling Rs.3,69,45,074/-, including interest, for land development works. The Corporate Debtor acknowledged the outstanding
…Sign in to view the parties.
Date of the work order between the…
Corporate Debtor paid…
The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Mr. S. Srinivasa Rao, Proprietor of M/s. Vencon Constructions (Operational Creditor), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. East Godavari Breweries Private Limited (Corporate Debtor). The Operational Creditor claims default in payment of Rs.3,69,45,074/- including interest, for services rendered related to the construction of a brewery plant. The Corporate Debtor acknowledges the debt but cites losses due to the termination of a Brewing Agreement and the Covid-19 pandemic as reasons for non-payment.
Mr. S. Srinivasa Rao, operating as M/s. Vencon Constructions, filed a petition against M/s. East Godavari Breweries Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. Vencon Constructions, the Operational Creditor, provided construction services to East Godavari Breweries, the Corporate Debtor, for setting up a brewery plant based on a work order dated 07.02.2015. The work order was initially for two years, ending on 06.02.2017, and was later extended until 06.02.2019. As per the work order, the Corporate Debtor paid an advance of Rs.12,94,00,000/- to the Operational Creditor. The Operational Creditor raised invoices totaling Rs.3,69,45,074/-, including interest, for land development works. The Corporate Debtor acknowledged the outstanding
…Date of the work order between the…
Corporate Debtor paid…