M/s. Nice Projects Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the corporate insolvency resolution process (CIRP) against M/s. Nayati Healthcare & Research Pvt. Ltd., the corporate debtor. The petitioner claimed that the respondent defaulted on payments for services rendered related to the construction of a hospital building. The respondent disputed the claim, citing defective work, non-settlement of employee dues by the petitioner, and other issues. The Adjudicating Authority considered the arguments and evidence presented by both parties.
M/s. Nice Projects Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Nayati Healthcare & Research Pvt. Ltd. (Corporate Debtor). The petitioner provided services for the construction of a hospital building, specifically 'structure and block masonry and plaster (RCC Frame and Shell works)'. A contract was signed on 17.10.2013. The agreed completion date was 16.10.2015. The petitioner claimed ₹ 77,32,143 was due, including retention money. The respondent disputed the claim, alleging defective work, specifically in the construction of a bunker for LINAC, which could cause radiation leakage. The respondent also claimed the petitioner had not settled dues to its employees and
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Contract signed between M/s. Nice Projects…
Work commenced as per…
M/s. Nice Projects Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the corporate insolvency resolution process (CIRP) against M/s. Nayati Healthcare & Research Pvt. Ltd., the corporate debtor. The petitioner claimed that the respondent defaulted on payments for services rendered related to the construction of a hospital building. The respondent disputed the claim, citing defective work, non-settlement of employee dues by the petitioner, and other issues. The Adjudicating Authority considered the arguments and evidence presented by both parties.
M/s. Nice Projects Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Nayati Healthcare & Research Pvt. Ltd. (Corporate Debtor). The petitioner provided services for the construction of a hospital building, specifically 'structure and block masonry and plaster (RCC Frame and Shell works)'. A contract was signed on 17.10.2013. The agreed completion date was 16.10.2015. The petitioner claimed ₹ 77,32,143 was due, including retention money. The respondent disputed the claim, alleging defective work, specifically in the construction of a bunker for LINAC, which could cause radiation leakage. The respondent also claimed the petitioner had not settled dues to its employees and
…Contract signed between M/s. Nice Projects…
Work commenced as per…