Rohan Varma Constructions Private Limited filed a petition against Ind-Bharat Power (Madras) Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petitioner claimed that the corporate debtor owed them Rs. 1,81,08,219/- for work orders executed between 2011-2012 and 2015-2016, with the debt falling due on March 31, 2017. The operational creditor also served a demand notice on 23.06.2017, but received no reply. The case was listed for the first time before the Adjudicating Authority on 14.08.2017.
Rohan Varma Constructions Private Limited (Operational Creditor) filed a petition against Ind-Bharat Power (Madras) Ltd (Corporate Debtor) claiming an outstanding debt of Rs. 1,81,08,219/- for work orders executed between 2011-2012 and 2015-2016. The debt fell due on 31 March 2017. The Operational Creditor served a demand notice on 23.06.2017, but received no response. The Corporate Debtor, through its counsel, requested six months to one year to clear the dues during the hearing on 14.08.2017, but the Operational Creditor did not accept the proposal. The Corporate Debtor had acknowledged the outstanding amount in a letter dated 25.04.2017. The Operational Creditor also recommended Mr. Kranthi Kumar Kedari as the Interim Resolution Professional (IRP). Axis Bank
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Work orders executed in favor of the Corporate…
The debt fell d…
Rohan Varma Constructions Private Limited filed a petition against Ind-Bharat Power (Madras) Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petitioner claimed that the corporate debtor owed them Rs. 1,81,08,219/- for work orders executed between 2011-2012 and 2015-2016, with the debt falling due on March 31, 2017. The operational creditor also served a demand notice on 23.06.2017, but received no reply. The case was listed for the first time before the Adjudicating Authority on 14.08.2017.
Rohan Varma Constructions Private Limited (Operational Creditor) filed a petition against Ind-Bharat Power (Madras) Ltd (Corporate Debtor) claiming an outstanding debt of Rs. 1,81,08,219/- for work orders executed between 2011-2012 and 2015-2016. The debt fell due on 31 March 2017. The Operational Creditor served a demand notice on 23.06.2017, but received no response. The Corporate Debtor, through its counsel, requested six months to one year to clear the dues during the hearing on 14.08.2017, but the Operational Creditor did not accept the proposal. The Corporate Debtor had acknowledged the outstanding amount in a letter dated 25.04.2017. The Operational Creditor also recommended Mr. Kranthi Kumar Kedari as the Interim Resolution Professional (IRP). Axis Bank
…Work orders executed in favor of the Corporate…
The debt fell d…