The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Kataline Constructions & Technologies Private Limited (Operational Creditor) against Madhucon Projects Ltd (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP) for an amount of Rs. 45,35,211/- with interest at 24% per annum. The Operational Creditor claimed that the Corporate Debtor failed to pay outstanding dues for work done in widening and strengthening national highways. The Corporate Debtor contested the claim, alleging disputes over the amount and asserting that the claim was barred by limitation. The Corporate Debtor also claimed that there were pending disputes and a conciliation process was underway.
Kataline Constructions & Technologies Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Madhucon Projects Ltd (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP) for an amount of Rs. 45,35,211/- with interest at 24% per annum. The Operational Creditor claimed that the Corporate Debtor had allotted work for widening and strengthening existing National highways. Two works were allotted to the Operational Creditor, and agreements were entered into on 23.04.2010 and 05.10.2010. The Operational Creditor executed and completed the works and submitted bills totaling Rs. 1,03,37,256/- and Rs. 18,79,942/-. The Corporate Debtor paid Rs. 66,70,774/- against the first
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Agreement between Operational Creditor…
Agreement between Operational Creditor…
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Kataline Constructions & Technologies Private Limited (Operational Creditor) against Madhucon Projects Ltd (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP) for an amount of Rs. 45,35,211/- with interest at 24% per annum. The Operational Creditor claimed that the Corporate Debtor failed to pay outstanding dues for work done in widening and strengthening national highways. The Corporate Debtor contested the claim, alleging disputes over the amount and asserting that the claim was barred by limitation. The Corporate Debtor also claimed that there were pending disputes and a conciliation process was underway.
Kataline Constructions & Technologies Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Madhucon Projects Ltd (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP) for an amount of Rs. 45,35,211/- with interest at 24% per annum. The Operational Creditor claimed that the Corporate Debtor had allotted work for widening and strengthening existing National highways. Two works were allotted to the Operational Creditor, and agreements were entered into on 23.04.2010 and 05.10.2010. The Operational Creditor executed and completed the works and submitted bills totaling Rs. 1,03,37,256/- and Rs. 18,79,942/-. The Corporate Debtor paid Rs. 66,70,774/- against the first
…Agreement between Operational Creditor…
Agreement between Operational Creditor…
Sign in to view related legal provisions.