The case involves a petition filed by SECON Private Limited against PAN India Infraprojects Private Limited, alleging default in payment for project management consultancy services. SECON claims that PAN India Infraprojects owes them Rs. 1,23,97,997/- for services rendered under a contract related to the Baghalpur Water Supply Project Phase-I. The petitioner initiated CIRP under Section 9 of the Insolvency and Bankruptcy Code, 2016.
SECON Private Limited (the Petitioner) provided project management consultancy services to PAN India Infraprojects Private Limited (the Corporate Debtor) for the Baghalpur Water Supply Project Phase-I, based on a Letter of Intent (LOI) issued on 2015-07-24 and a subsequent contract dated 2015-12-31. The total consideration was Rs. 2,97,54,000/-. SECON raised invoices for Rs. 1,23,97,997/-, which were partially certified by PAN India Infraprojects. SECON requested payment multiple times, but PAN India Infraprojects failed to pay. SECON issued a demand notice under Section 8 of the IBC on 2017-10-10. PAN India Infraprojects claimed disputes over the quality of services and certification of invoices. SECON filed an application under Section 9 of the IBC to initiate CIRP.
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The Corporate Debtor issued a Letter of Intent…
The Corporate Debtor and the Petitioner…
The case involves a petition filed by SECON Private Limited against PAN India Infraprojects Private Limited, alleging default in payment for project management consultancy services. SECON claims that PAN India Infraprojects owes them Rs. 1,23,97,997/- for services rendered under a contract related to the Baghalpur Water Supply Project Phase-I. The petitioner initiated CIRP under Section 9 of the Insolvency and Bankruptcy Code, 2016.
SECON Private Limited (the Petitioner) provided project management consultancy services to PAN India Infraprojects Private Limited (the Corporate Debtor) for the Baghalpur Water Supply Project Phase-I, based on a Letter of Intent (LOI) issued on 2015-07-24 and a subsequent contract dated 2015-12-31. The total consideration was Rs. 2,97,54,000/-. SECON raised invoices for Rs. 1,23,97,997/-, which were partially certified by PAN India Infraprojects. SECON requested payment multiple times, but PAN India Infraprojects failed to pay. SECON issued a demand notice under Section 8 of the IBC on 2017-10-10. PAN India Infraprojects claimed disputes over the quality of services and certification of invoices. SECON filed an application under Section 9 of the IBC to initiate CIRP.
…The Corporate Debtor issued a Letter of Intent…
The Corporate Debtor and the Petitioner…