The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by M/s Vikas Scaffolding Systems (Operational Creditor) against M/s Metro Builders Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for shuttering/scaffolding material supplied under a lease agreement. The invoices were raised between March 31, 2016, and March 31, 2019, with the last payment received on January 19, 2019. A demand notice was issued on April 18, 2019, but the Corporate Debtor did not respond. The Corporate Debtor acknowledged receiving the materials but cited difficulties in the construction business and natural calamities as
…M/s Vikas Scaffolding Systems (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Metro Builders Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor supplied shuttering/scaffolding material to the Corporate Debtor under a lease agreement dated July 16, 2014. The Operational Creditor and Corporate Debtor maintained a running account. Invoices were raised between March 31, 2016, and March 31, 2019. The total outstanding amount was Rs. 84,92,550. The last part payment was received on January 19, 2019. The Corporate Debtor failed to repay the remaining amount. The Operational Creditor issued a demand notice on April 18, 2019, but received
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Lease agreement entered into between the…
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The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by M/s Vikas Scaffolding Systems (Operational Creditor) against M/s Metro Builders Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for shuttering/scaffolding material supplied under a lease agreement. The invoices were raised between March 31, 2016, and March 31, 2019, with the last payment received on January 19, 2019. A demand notice was issued on April 18, 2019, but the Corporate Debtor did not respond. The Corporate Debtor acknowledged receiving the materials but cited difficulties in the construction business and natural calamities as
…M/s Vikas Scaffolding Systems (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Metro Builders Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor supplied shuttering/scaffolding material to the Corporate Debtor under a lease agreement dated July 16, 2014. The Operational Creditor and Corporate Debtor maintained a running account. Invoices were raised between March 31, 2016, and March 31, 2019. The total outstanding amount was Rs. 84,92,550. The last part payment was received on January 19, 2019. The Corporate Debtor failed to repay the remaining amount. The Operational Creditor issued a demand notice on April 18, 2019, but received
…Lease agreement entered into between the…
Start of the period…