M/s P. Manickam & Co. (Operational Creditor) filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s K.H. Foges India Private Limited (Corporate Debtor). The Operational Creditor alleged that the Corporate Debtor defaulted in making payment for pile foundation work. The total value of work was Rs. 93,19,550/-. The Corporate Debtor defaulted in remitting a principal amount of Rs. 31,70,710 along with interest of Rs. 22,25,027, totaling Rs. 53,95,744/-. The Operational Creditor also lodged proceedings before the Micro Small Enterprises Facilitation Council, which ruled in favor of the Operational Creditor. Despite this, the Corporate Debtor failed to comply
…M/s P. Manickam & Co. (Operational Creditor) is a partnership firm engaged in construction. M/s K.H. Foges India Private Limited (Corporate Debtor) is a private limited company in the building and construction industry. On May 5, 2015, the Corporate Debtor placed a purchase order with the Operational Creditor for pile foundation work, valued at Rs. 93,19,550/-. The Operational Creditor executed the work and raised invoices. The Corporate Debtor defaulted on payments, leaving a principal amount of Rs. 31,70,710 and interest of Rs. 22,25,027 unpaid, totaling Rs. 53,95,744/-. The Operational Creditor obtained a favorable order from the Micro Small Enterprises Facilitation Council. The Corporate Debtor obtained an arbitral award against the Operational Creditor for Rs.
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Corporate Debtor placed a purchase order…
Micro Small Enterprises…
M/s P. Manickam & Co. (Operational Creditor) filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s K.H. Foges India Private Limited (Corporate Debtor). The Operational Creditor alleged that the Corporate Debtor defaulted in making payment for pile foundation work. The total value of work was Rs. 93,19,550/-. The Corporate Debtor defaulted in remitting a principal amount of Rs. 31,70,710 along with interest of Rs. 22,25,027, totaling Rs. 53,95,744/-. The Operational Creditor also lodged proceedings before the Micro Small Enterprises Facilitation Council, which ruled in favor of the Operational Creditor. Despite this, the Corporate Debtor failed to comply
…M/s P. Manickam & Co. (Operational Creditor) is a partnership firm engaged in construction. M/s K.H. Foges India Private Limited (Corporate Debtor) is a private limited company in the building and construction industry. On May 5, 2015, the Corporate Debtor placed a purchase order with the Operational Creditor for pile foundation work, valued at Rs. 93,19,550/-. The Operational Creditor executed the work and raised invoices. The Corporate Debtor defaulted on payments, leaving a principal amount of Rs. 31,70,710 and interest of Rs. 22,25,027 unpaid, totaling Rs. 53,95,744/-. The Operational Creditor obtained a favorable order from the Micro Small Enterprises Facilitation Council. The Corporate Debtor obtained an arbitral award against the Operational Creditor for Rs.
…Corporate Debtor placed a purchase order…
Micro Small Enterprises…