M/s Aanav Construction Co., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Shri Balaji Infradevelopers Pvt. Ltd., the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for construction work completed under a sub-contract. The corporate debtor contested the claim, alleging that the work orders and completion certificates were fabricated and manipulated.
M/s Aanav Construction Co. (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against Shri Balaji Infradevelopers Private Limited (Corporate Debtor) for defaulting on payments. The Operational Creditor and Corporate Debtor entered into a sub-contract for construction work on NH-2 in Uttar Pradesh, commencing on 2014-07-01. The Operational Creditor completed the work on 2015-03-15, with a total liability of Rs. 6,28,66,367 against a contract price of Rs. 5,21,51,780. The Corporate Debtor issued a Work Completion Certificate on 2019-01-11. The outstanding liability as of 2019-03-31 was Rs. 3,00,37,703. The Operational Creditor sent a demand notice on 2019-03-14 under Section 8 of the IBC, which was delivered on 2019-03-15. The Corporate Debtor
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Work Order No.…
Construction work…
M/s Aanav Construction Co., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Shri Balaji Infradevelopers Pvt. Ltd., the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for construction work completed under a sub-contract. The corporate debtor contested the claim, alleging that the work orders and completion certificates were fabricated and manipulated.
M/s Aanav Construction Co. (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against Shri Balaji Infradevelopers Private Limited (Corporate Debtor) for defaulting on payments. The Operational Creditor and Corporate Debtor entered into a sub-contract for construction work on NH-2 in Uttar Pradesh, commencing on 2014-07-01. The Operational Creditor completed the work on 2015-03-15, with a total liability of Rs. 6,28,66,367 against a contract price of Rs. 5,21,51,780. The Corporate Debtor issued a Work Completion Certificate on 2019-01-11. The outstanding liability as of 2019-03-31 was Rs. 3,00,37,703. The Operational Creditor sent a demand notice on 2019-03-14 under Section 8 of the IBC, which was delivered on 2019-03-15. The Corporate Debtor
…Work Order No.…
Construction work…