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 disputed the claim, asserting that the work was incomplete and of poor quality, and that there was a pre-existing dispute between the parties.
M/s Value Line Interiors Private Limited (operational creditor) provided interior design and decor services to M/s Mayur Buildcon Private Limited (corporate debtor). In 2015, the corporate debtor engaged the operational creditor to carry out interior work in a building in Noida. A work order was issued on 2015-06-30 for Rs. 77,00,000/-. The operational creditor raised 8 running account bills totaling Rs. 93,79,692/-, out of which the corporate debtor paid Rs. 79,63,360/-. A balance of Rs. 31,43,56,154/- remained unpaid. The operational creditor claimed that the work was completed and handed over to the corporate debtor on 2015-10-31. The operational creditor sent a demand notice under Section 8 of the IBC on 2018-11-02, seeking payment of Rs. 14,16,332/-. The corporate
…Sign in to view the parties.
Corporate debtor issued…
Applicant states that…
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 disputed the claim, asserting that the work was incomplete and of poor quality, and that there was a pre-existing dispute between the parties.
M/s Value Line Interiors Private Limited (operational creditor) provided interior design and decor services to M/s Mayur Buildcon Private Limited (corporate debtor). In 2015, the corporate debtor engaged the operational creditor to carry out interior work in a building in Noida. A work order was issued on 2015-06-30 for Rs. 77,00,000/-. The operational creditor raised 8 running account bills totaling Rs. 93,79,692/-, out of which the corporate debtor paid Rs. 79,63,360/-. A balance of Rs. 31,43,56,154/- remained unpaid. The operational creditor claimed that the work was completed and handed over to the corporate debtor on 2015-10-31. The operational creditor sent a demand notice under Section 8 of the IBC on 2018-11-02, seeking payment of Rs. 14,16,332/-. The corporate
…Corporate debtor issued…
Applicant states that…