Mohite Infraprojects Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Polo Queen Industrial and Fintech Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for construction work completed as per an agreement. The Corporate Debtor argued that there was a pre-existing dispute regarding the quality of work and that the Operational Creditor had been paid an excess amount compared to the total construction value.
On February 5, 2016, Polo Queen Industrial and Fintech Limited (Corporate Debtor), through its architects, floated a tender notice. Mohite Infraprojects Private Limited (Operational Creditor) submitted a tender, which was approved. On December 20, 2017, an agreement was executed between the parties. After completing construction work, the Operational Creditor raised invoices. The Corporate Debtor's architect verified the work, and eight out of nine invoices were cleared. On June 11, 2019, an invoice for Rs. 28,14,197/- remained uncleared, along with a 50% retention amount. On October 18, 2019, the Operational Creditor served a demand notice under Section 8 of the IBC. The total debt claimed was Rs. 34,10,640/-, including the unpaid invoice, retention amount, and
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The Corporate Debtor…
Articles of Agreement were executed between…
Mohite Infraprojects Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Polo Queen Industrial and Fintech Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for construction work completed as per an agreement. The Corporate Debtor argued that there was a pre-existing dispute regarding the quality of work and that the Operational Creditor had been paid an excess amount compared to the total construction value.
On February 5, 2016, Polo Queen Industrial and Fintech Limited (Corporate Debtor), through its architects, floated a tender notice. Mohite Infraprojects Private Limited (Operational Creditor) submitted a tender, which was approved. On December 20, 2017, an agreement was executed between the parties. After completing construction work, the Operational Creditor raised invoices. The Corporate Debtor's architect verified the work, and eight out of nine invoices were cleared. On June 11, 2019, an invoice for Rs. 28,14,197/- remained uncleared, along with a 50% retention amount. On October 18, 2019, the Operational Creditor served a demand notice under Section 8 of the IBC. The total debt claimed was Rs. 34,10,640/-, including the unpaid invoice, retention amount, and
…The Corporate Debtor…
Articles of Agreement were executed between…