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 payment of operational debt amounting to 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 assigned construction 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 the retention amount of Rs.36,04,216, including the balance amount for the job done, leading
…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 non-payment of operational debt amounting to Rs.60,04,463. The Corporate Debtor had issued a work order to the Operational Creditor on 24.07.2012 for civil work at Dahej, Gujarat, with specific conditions for completion. The Operational Creditor completed the work and raised a bill of Rs.3,61,69,659, out of which Rs.3,57,00,408 was paid. The Operational Creditor claimed non-refund of a retention amount of Rs.36,04,216, leading to the total outstanding debt. A demand notice was served on 26.09.2018. The Corporate Debtor argued that the Operational Creditor did not hand over the
…Sign in to view the parties.
Corporate Debtor issued a work order to the…
Deadline for completion…
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 payment of operational debt amounting to 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 assigned construction 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 the retention amount of Rs.36,04,216, including the balance amount for the job done, leading
…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 non-payment of operational debt amounting to Rs.60,04,463. The Corporate Debtor had issued a work order to the Operational Creditor on 24.07.2012 for civil work at Dahej, Gujarat, with specific conditions for completion. The Operational Creditor completed the work and raised a bill of Rs.3,61,69,659, out of which Rs.3,57,00,408 was paid. The Operational Creditor claimed non-refund of a retention amount of Rs.36,04,216, leading to the total outstanding debt. A demand notice was served on 26.09.2018. The Corporate Debtor argued that the Operational Creditor did not hand over the
…Corporate Debtor issued a work order to the…
Deadline for completion…