The case involves an application filed by RVR Projects Pvt. Ltd. against Fernas Construction India Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging default in payment for services rendered. RVR Projects was contracted by Fernas Construction for piling works for a petrochemical complex in Dahej, Gujarat. Disputes arose when Fernas Construction allegedly foreclosed work orders and made piecemeal payments, leaving a significant balance unpaid. RVR Projects issued a demand notice, which Fernas Construction contested, leading to the insolvency petition.
RVR Projects Pvt. Ltd. (Applicant/Operational Creditor) filed an application against Fernas Construction India Pvt. Ltd. (Respondent/Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Fernas Construction engaged RVR Projects for piling works at a petrochemical complex in Dahej, Gujarat, with an initial work order of Rs. 10,25,10,275/- dated 2011-08-04. RVR Projects executed the work and raised invoices, but Fernas Construction made payments in piecemeal. On 2012-05-09, Fernas Construction foreclosed the works, paying only Rs. 3,67,27,396 against a total bill of Rs. 4,22,20,877. Subsequently, Fernas Construction issued another work order for Rs. 2,05,02,500, which was also foreclosed midway. The total amount due as of the foreclosure date was
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Fernas Construction…
Fernas Construction foreclosed the works and…
The case involves an application filed by RVR Projects Pvt. Ltd. against Fernas Construction India Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging default in payment for services rendered. RVR Projects was contracted by Fernas Construction for piling works for a petrochemical complex in Dahej, Gujarat. Disputes arose when Fernas Construction allegedly foreclosed work orders and made piecemeal payments, leaving a significant balance unpaid. RVR Projects issued a demand notice, which Fernas Construction contested, leading to the insolvency petition.
RVR Projects Pvt. Ltd. (Applicant/Operational Creditor) filed an application against Fernas Construction India Pvt. Ltd. (Respondent/Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Fernas Construction engaged RVR Projects for piling works at a petrochemical complex in Dahej, Gujarat, with an initial work order of Rs. 10,25,10,275/- dated 2011-08-04. RVR Projects executed the work and raised invoices, but Fernas Construction made payments in piecemeal. On 2012-05-09, Fernas Construction foreclosed the works, paying only Rs. 3,67,27,396 against a total bill of Rs. 4,22,20,877. Subsequently, Fernas Construction issued another work order for Rs. 2,05,02,500, which was also foreclosed midway. The total amount due as of the foreclosure date was
…Fernas Construction…
Fernas Construction foreclosed the works and…