The case involves a Company Application filed by M/s. Sri Lalitha Equipments (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Seshasaila Power and Engineering (P) Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for crane services provided as per an agreement.
Sri Lalitha Equipments (Operational Creditor) is in the business of providing cranes on rent and hire. Seshasaila Power and Engineering (P) Limited (Corporate Debtor) entered into an agreement with the Operational Creditor for crane services at a rate of ₹3,25,000 per month with a minimum operating period. The agreement included terms for diesel consumption, lubes, accommodation, and mobilization charges. The Operational Creditor provided crane services and submitted bills, but some bills remained unpaid. The Operational Creditor sent multiple letters and emails for payment, but the Corporate Debtor delayed payments, citing financial difficulties. The outstanding default amount was ₹18,28,000 as of 31.03.2010, and the total sum including interest was ₹82,78,138.59 as
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Mr. V. Subramanyam, Director of the Corporate…
The Operational Creditor sent a statutory…
The case involves a Company Application filed by M/s. Sri Lalitha Equipments (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Seshasaila Power and Engineering (P) Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for crane services provided as per an agreement.
Sri Lalitha Equipments (Operational Creditor) is in the business of providing cranes on rent and hire. Seshasaila Power and Engineering (P) Limited (Corporate Debtor) entered into an agreement with the Operational Creditor for crane services at a rate of ₹3,25,000 per month with a minimum operating period. The agreement included terms for diesel consumption, lubes, accommodation, and mobilization charges. The Operational Creditor provided crane services and submitted bills, but some bills remained unpaid. The Operational Creditor sent multiple letters and emails for payment, but the Corporate Debtor delayed payments, citing financial difficulties. The outstanding default amount was ₹18,28,000 as of 31.03.2010, and the total sum including interest was ₹82,78,138.59 as
…Mr. V. Subramanyam, Director of the Corporate…
The Operational Creditor sent a statutory…