M/s. Ved Contracts Pvt. Ltd., the Operational Creditor, filed a petition under Section 9 of the IBC, 2016, seeking initiation of the Insolvency Resolution process against M/s. Pan Realtors Pvt. Ltd., the Corporate Debtor. The Operational Creditor claimed that they were awarded work orders for the Corporate Debtor's project, PAN OASIS, and that despite part payments, a significant amount remained unpaid. The Corporate Debtor disputed the claim, citing discrepancies and the need for reconciliation of accounts.
M/s. Ved Contracts Pvt. Ltd. (Operational Creditor) filed a petition against M/s. Pan Realtors Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016. The Operational Creditor claimed that they were awarded work orders for the Corporate Debtor's project, PAN OASIS, between January 2010 and January 2014. The Operational Creditor stated that the Corporate Debtor made part payments totaling Rs. 16,83,03,963/-, but a balance of Rs. 2,41,58,130/- remained due. The Corporate Debtor had raised a debit note of Rs. 6,21,164/-, which the Operational Creditor never accepted. A demand notice dated 05.01.2019 was issued to the Corporate Debtor, demanding the outstanding balance. The Corporate Debtor replied, disputing the liability. The Corporate Debtor also claimed that the
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Four work orders were awarded to the…
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M/s. Ved Contracts Pvt. Ltd., the Operational Creditor, filed a petition under Section 9 of the IBC, 2016, seeking initiation of the Insolvency Resolution process against M/s. Pan Realtors Pvt. Ltd., the Corporate Debtor. The Operational Creditor claimed that they were awarded work orders for the Corporate Debtor's project, PAN OASIS, and that despite part payments, a significant amount remained unpaid. The Corporate Debtor disputed the claim, citing discrepancies and the need for reconciliation of accounts.
M/s. Ved Contracts Pvt. Ltd. (Operational Creditor) filed a petition against M/s. Pan Realtors Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016. The Operational Creditor claimed that they were awarded work orders for the Corporate Debtor's project, PAN OASIS, between January 2010 and January 2014. The Operational Creditor stated that the Corporate Debtor made part payments totaling Rs. 16,83,03,963/-, but a balance of Rs. 2,41,58,130/- remained due. The Corporate Debtor had raised a debit note of Rs. 6,21,164/-, which the Operational Creditor never accepted. A demand notice dated 05.01.2019 was issued to the Corporate Debtor, demanding the outstanding balance. The Corporate Debtor replied, disputing the liability. The Corporate Debtor also claimed that the
…Four work orders were awarded to the…
The work was executed…