Garg Enterprises filed a Company Petition against Pan India Infra projects (P) Ltd, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition alleges that the Corporate Debtor defaulted in making payment to the extent of Rs. 5,59,38,928/-. The Corporate Debtor was the allottee of a road construction project and approached the Petitioner for the supply of construction material. The Petitioner supplied materials for Rs. 13,59,23,574/-, and the Corporate Debtor made payments of Rs. 8,76,73,843/-, leaving an outstanding balance of Rs. 4,82,49,731/-. The Petitioner claimed interest at 12% p.a. on outstanding invoices, totaling Rs. 76,89,197/- as of 01.07.2019.
Garg Enterprises, the Petitioner, supplied construction materials to Pan India Infra projects (P) Ltd, the Corporate Debtor, for a road construction project. The total value of materials supplied was Rs. 13,59,23,574/-. The Corporate Debtor made payments totaling Rs. 8,76,73,843/-, leaving an outstanding principal balance of Rs. 4,82,49,731/-. The Petitioner claimed interest at 12% p.a. on the outstanding invoices, amounting to Rs. 76,89,197/- as of 01.07.2019, bringing the total claim to Rs. 5,59,38,928/-. The Petitioner issued a demand notice on 04.06.2019. The Corporate Debtor replied on 19.06.2019, disputing the debt, citing vagueness of the demand notice, quality issues with the materials, and disputes relating to reconciliation of accounts. Emails exchanged
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Garg Enterprises filed a Company Petition against Pan India Infra projects (P) Ltd, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition alleges that the Corporate Debtor defaulted in making payment to the extent of Rs. 5,59,38,928/-. The Corporate Debtor was the allottee of a road construction project and approached the Petitioner for the supply of construction material. The Petitioner supplied materials for Rs. 13,59,23,574/-, and the Corporate Debtor made payments of Rs. 8,76,73,843/-, leaving an outstanding balance of Rs. 4,82,49,731/-. The Petitioner claimed interest at 12% p.a. on outstanding invoices, totaling Rs. 76,89,197/- as of 01.07.2019.
Garg Enterprises, the Petitioner, supplied construction materials to Pan India Infra projects (P) Ltd, the Corporate Debtor, for a road construction project. The total value of materials supplied was Rs. 13,59,23,574/-. The Corporate Debtor made payments totaling Rs. 8,76,73,843/-, leaving an outstanding principal balance of Rs. 4,82,49,731/-. The Petitioner claimed interest at 12% p.a. on the outstanding invoices, amounting to Rs. 76,89,197/- as of 01.07.2019, bringing the total claim to Rs. 5,59,38,928/-. The Petitioner issued a demand notice on 04.06.2019. The Corporate Debtor replied on 19.06.2019, disputing the debt, citing vagueness of the demand notice, quality issues with the materials, and disputes relating to reconciliation of accounts. Emails exchanged
…The Petitioner issued a demand notice in…
The Corporate Debtor sent a reply to the…