Creative Infraheights Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against JBK Developers Pvt. Ltd. to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant, an operational creditor, claimed that the corporate debtor defaulted on payment for work executed under a work order. The work involved construction activities such as underground tanks and sewage treatment plants. The applicant raised invoices for the work done, but the corporate debtor allegedly failed to make the payments. The applicant issued a demand notice under Section 8 of the IBC, but no reply was received, leading to the filing of the Section 9 application.
Creative Infraheights Pvt. Ltd. (the applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against JBK Developers Pvt. Ltd. (the corporate debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The applicant and the corporate debtor entered into a work order agreement on 03.01.2019 for the execution of certain construction work at the corporate debtor's site. The applicant was mandated to carry out work related to underground tanks, sewage treatment plants, and drainage civil work. The total value of the work order was Rs. 17,59,68,574/-. After executing the work order, the applicant raised three running account (RA) bills dated 29.03.2019, 30.03.2019, and 25.04.2019, totaling Rs. 34,081,24.52/-, which
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Creative Infraheights Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against JBK Developers Pvt. Ltd. to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant, an operational creditor, claimed that the corporate debtor defaulted on payment for work executed under a work order. The work involved construction activities such as underground tanks and sewage treatment plants. The applicant raised invoices for the work done, but the corporate debtor allegedly failed to make the payments. The applicant issued a demand notice under Section 8 of the IBC, but no reply was received, leading to the filing of the Section 9 application.
Creative Infraheights Pvt. Ltd. (the applicant) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against JBK Developers Pvt. Ltd. (the corporate debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The applicant and the corporate debtor entered into a work order agreement on 03.01.2019 for the execution of certain construction work at the corporate debtor's site. The applicant was mandated to carry out work related to underground tanks, sewage treatment plants, and drainage civil work. The total value of the work order was Rs. 17,59,68,574/-. After executing the work order, the applicant raised three running account (RA) bills dated 29.03.2019, 30.03.2019, and 25.04.2019, totaling Rs. 34,081,24.52/-, which
…Applicant and Corporate Debtor entered…
First Running Account…