Vijay Nirman Company Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against Ksheeraabd Constructions Private Limited, based on an operational debt. The operational debt arose from a sub-contract agreement where Ksheeraabd Constructions was to undertake a portion of a highway construction project for Vijay Nirman Company. Disputes arose regarding delays and payments, leading to arbitration proceedings where an award was passed in favor of Vijay Nirman Company. Ksheeraabd Constructions challenged the arbitral award, arguing that the matter was sub-judice and the petition was not maintainable.
Vijay Nirman Company Private Limited (Operational Creditor) and Ksheeraabd Constructions Private Limited (Corporate Debtor) entered into a sub-contract agreement on 2008-02-01, where the Corporate Debtor was to undertake 50% of Section 2 work of a highway construction project. The project faced delays, leading to disputes between the parties. The Operational Creditor raised Running Account Bills, and the Corporate Debtor issued Interim Payment Certificates (IPCs). The Corporate Debtor issued IPC-47 certifying payments up to 2012-06-30. The Corporate Debtor corrected the bill amount payable for June 2012 from Rs.2,78,04,599/- to Rs.1,79,00,166/-, resulting in a total bill amount of Rs.130,06,50,559/-. The Operational Creditor claimed Rs.132,05,54,993/-. The Corporate
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Corporate Debtor and…
Corporate Debtor issued…
Vijay Nirman Company Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against Ksheeraabd Constructions Private Limited, based on an operational debt. The operational debt arose from a sub-contract agreement where Ksheeraabd Constructions was to undertake a portion of a highway construction project for Vijay Nirman Company. Disputes arose regarding delays and payments, leading to arbitration proceedings where an award was passed in favor of Vijay Nirman Company. Ksheeraabd Constructions challenged the arbitral award, arguing that the matter was sub-judice and the petition was not maintainable.
Vijay Nirman Company Private Limited (Operational Creditor) and Ksheeraabd Constructions Private Limited (Corporate Debtor) entered into a sub-contract agreement on 2008-02-01, where the Corporate Debtor was to undertake 50% of Section 2 work of a highway construction project. The project faced delays, leading to disputes between the parties. The Operational Creditor raised Running Account Bills, and the Corporate Debtor issued Interim Payment Certificates (IPCs). The Corporate Debtor issued IPC-47 certifying payments up to 2012-06-30. The Corporate Debtor corrected the bill amount payable for June 2012 from Rs.2,78,04,599/- to Rs.1,79,00,166/-, resulting in a total bill amount of Rs.130,06,50,559/-. The Operational Creditor claimed Rs.132,05,54,993/-. The Corporate
…Corporate Debtor and…
Corporate Debtor issued…