M/s Value Line Interiors Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Mayur Buildcon Private Limited, the corporate debtor. The application was based on an alleged default in payment for interior work carried out by the operational creditor for the corporate debtor. The corporate debtor contested the application, asserting a pre-existing dispute regarding the quality and completion of the work.
In 2015, M/s Mayur Buildcon Private Limited (the corporate debtor) engaged M/s Value Line Interiors Private Limited (the operational creditor) to perform interior work at a property in Noida. A work order was issued on June 30, 2015, for Rs. 77,00,000/- plus applicable taxes. The operational creditor raised eight running account bills totaling Rs. 93,79,692/-, of which the corporate debtor paid Rs. 79,63,360/-. A balance of Rs. 31,43,56,154/- remained unpaid. The operational creditor claimed to have completed the work by October 31, 2015, and communicated this to the corporate debtor via email on April 21, 2018. However, the corporate debtor did not make the outstanding payment. The operational creditor sent a demand notice under Section 8 of the Insolvency and
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Corporate debtor issued work order to the…
Applicant states that interior had been duly…
M/s Value Line Interiors Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Mayur Buildcon Private Limited, the corporate debtor. The application was based on an alleged default in payment for interior work carried out by the operational creditor for the corporate debtor. The corporate debtor contested the application, asserting a pre-existing dispute regarding the quality and completion of the work.
In 2015, M/s Mayur Buildcon Private Limited (the corporate debtor) engaged M/s Value Line Interiors Private Limited (the operational creditor) to perform interior work at a property in Noida. A work order was issued on June 30, 2015, for Rs. 77,00,000/- plus applicable taxes. The operational creditor raised eight running account bills totaling Rs. 93,79,692/-, of which the corporate debtor paid Rs. 79,63,360/-. A balance of Rs. 31,43,56,154/- remained unpaid. The operational creditor claimed to have completed the work by October 31, 2015, and communicated this to the corporate debtor via email on April 21, 2018. However, the corporate debtor did not make the outstanding payment. The operational creditor sent a demand notice under Section 8 of the Insolvency and
…Corporate debtor issued work order to the…
Applicant states that interior had been duly…