The case involves an application filed by Subrata Sarkar, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Megacity Apartments Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted in paying an outstanding amount of Rs. 9,86,634/-. The corporate debtor had issued a work order to the operational creditor for carrying out external sewage, drainage, and water supply works. The operational creditor completed works aggregating to Rs. 37,22,300/-, but the corporate debtor only paid Rs. 28,33,249/-.
Subrata Sarkar, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Megacity Apartments Private Limited, the corporate debtor. The corporate debtor issued a work order dated 06.11.2014 to the operational creditor for sewage, drainage, and water supply works. The operational creditor completed works worth Rs. 37,22,300/-, but only Rs. 28,33,249/- was paid. An amount of Rs. 7,39,051/- remained outstanding since 01.10.2016, along with retention money of Rs. 59,125/-. The operational creditor issued a demand notice on December 6, 2017, but received no reply. The corporate debtor proposed Mr. Ram Ratan Modi as the Resolution Professional, but he withdrew his consent. The corporate debtor denied
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Corporate Debtor issued a work order to the…
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The case involves an application filed by Subrata Sarkar, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Megacity Apartments Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted in paying an outstanding amount of Rs. 9,86,634/-. The corporate debtor had issued a work order to the operational creditor for carrying out external sewage, drainage, and water supply works. The operational creditor completed works aggregating to Rs. 37,22,300/-, but the corporate debtor only paid Rs. 28,33,249/-.
Subrata Sarkar, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Megacity Apartments Private Limited, the corporate debtor. The corporate debtor issued a work order dated 06.11.2014 to the operational creditor for sewage, drainage, and water supply works. The operational creditor completed works worth Rs. 37,22,300/-, but only Rs. 28,33,249/- was paid. An amount of Rs. 7,39,051/- remained outstanding since 01.10.2016, along with retention money of Rs. 59,125/-. The operational creditor issued a demand notice on December 6, 2017, but received no reply. The corporate debtor proposed Mr. Ram Ratan Modi as the Resolution Professional, but he withdrew his consent. The corporate debtor denied
…Corporate Debtor issued a work order to the…
The principle sum of…