The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by CTC Projects Pvt. Ltd. (Operational Creditor) against Hind Inns and Hotels Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed default on payment of retention money related to a work order for civil construction of Ginger Hotel in Chandigarh. The corporate debtor argued that the applicant failed to cure defects during the Defect Liability Period (DLP), the claim was barred by limitation, and there was a pre-existing dispute.
CTC Projects Pvt. Ltd. was awarded a work order dated 2011-08-19 by Hind Inns and Hotels Ltd. for civil construction of Ginger Hotel in Chandigarh. As per the work order, 5% of the amount in running bills was to be retained as retention money. CTC Projects issued 18 R.A. bills, and the total retention money was ₹24,74,085. A demand notice in Form No. 3 was issued on 2018-03-01. The corporate debtor replied on 2018-03-22, raising legal objections but not disputing the operational debt. The operational creditor claimed an additional ₹12,98,894 as 18% interest calculated up to 2018-03-01, with the debt falling due from 2015-07-21. The corporate debtor argued that the applicant failed to cure defects during the Defect Liability Period (DLP) and that the claim was barred by
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Hind Inns and Hotels Ltd. issued a work…
Virtual completion certificate issued, stating…
The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by CTC Projects Pvt. Ltd. (Operational Creditor) against Hind Inns and Hotels Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed default on payment of retention money related to a work order for civil construction of Ginger Hotel in Chandigarh. The corporate debtor argued that the applicant failed to cure defects during the Defect Liability Period (DLP), the claim was barred by limitation, and there was a pre-existing dispute.
CTC Projects Pvt. Ltd. was awarded a work order dated 2011-08-19 by Hind Inns and Hotels Ltd. for civil construction of Ginger Hotel in Chandigarh. As per the work order, 5% of the amount in running bills was to be retained as retention money. CTC Projects issued 18 R.A. bills, and the total retention money was ₹24,74,085. A demand notice in Form No. 3 was issued on 2018-03-01. The corporate debtor replied on 2018-03-22, raising legal objections but not disputing the operational debt. The operational creditor claimed an additional ₹12,98,894 as 18% interest calculated up to 2018-03-01, with the debt falling due from 2015-07-21. The corporate debtor argued that the applicant failed to cure defects during the Defect Liability Period (DLP) and that the claim was barred by
…Hind Inns and Hotels Ltd. issued a work…
Virtual completion certificate issued, stating…