SMP Constructions Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 against Reach Seamless Limited, the Corporate Debtor, alleging default in paying an operational debt of Rs. 60,04,463. The Corporate Debtor was offered a work order on 24.07.2012 to complete civil work at Dahej, Gujarat, with conditions to complete the work around the clock and by 10.12.2012. The Operational Creditor completed the work and raised a total bill of Rs. 3,61,69,659, out of which the Corporate Debtor paid Rs. 3,57,00,408. The Operational Creditor claimed that the Corporate Debtor did not refund a retention amount of Rs. 36,04,216, including the balance amount for the job. A demand notice was served on 26.09.2018
…SMP Constructions Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 against Reach Seamless Limited (Corporate Debtor) for defaulting on an operational debt of Rs. 60,04,463. The Corporate Debtor issued a work order on 24.07.2012 for civil work at Dahej, Gujarat, with a completion deadline of 10.12.2012. The Operational Creditor completed the work and raised a bill of Rs. 3,61,69,659, of which Rs. 3,57,00,408 was paid. The Operational Creditor claimed non-refund of a retention amount of Rs. 36,04,216. A demand notice was served on 26.09.2018. The Corporate Debtor claimed the Operational Creditor didn't hand over the site, causing a loss of Rs. 24 lakhs due to missing materials. The Corporate Debtor
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SMP Constructions Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 against Reach Seamless Limited, the Corporate Debtor, alleging default in paying an operational debt of Rs. 60,04,463. The Corporate Debtor was offered a work order on 24.07.2012 to complete civil work at Dahej, Gujarat, with conditions to complete the work around the clock and by 10.12.2012. The Operational Creditor completed the work and raised a total bill of Rs. 3,61,69,659, out of which the Corporate Debtor paid Rs. 3,57,00,408. The Operational Creditor claimed that the Corporate Debtor did not refund a retention amount of Rs. 36,04,216, including the balance amount for the job. A demand notice was served on 26.09.2018
…SMP Constructions Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 against Reach Seamless Limited (Corporate Debtor) for defaulting on an operational debt of Rs. 60,04,463. The Corporate Debtor issued a work order on 24.07.2012 for civil work at Dahej, Gujarat, with a completion deadline of 10.12.2012. The Operational Creditor completed the work and raised a bill of Rs. 3,61,69,659, of which Rs. 3,57,00,408 was paid. The Operational Creditor claimed non-refund of a retention amount of Rs. 36,04,216. A demand notice was served on 26.09.2018. The Corporate Debtor claimed the Operational Creditor didn't hand over the site, causing a loss of Rs. 24 lakhs due to missing materials. The Corporate Debtor
…Corporate Debtor issued a work order to…
Deadline for completion…