M/s Aanav Construction Co., the 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 Private Limited, 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 against Shri Balaji Infradevelopers Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, claiming a default in payment for construction work. The Operational Creditor and Corporate Debtor entered into a sub-contract on NH-2 in Uttar Pradesh, with work commencing on 2014-07-01. The Operational Creditor stated that the work was completed on 2015-03-15, with a total liability of Rs. 6,28,66,367 against a contract price of Rs. 5,21,51,780. A work completion certificate dated 2019-01-11 was issued by the Corporate Debtor. The outstanding liability as of 2019-03-31 was Rs. 3,00,37,703. A demand notice under Section 8 of the IBC was sent on 2019-03-14. The Corporate Debtor claimed the work
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Work Order No.…
Constructio…
M/s Aanav Construction Co., the 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 Private Limited, 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 against Shri Balaji Infradevelopers Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, claiming a default in payment for construction work. The Operational Creditor and Corporate Debtor entered into a sub-contract on NH-2 in Uttar Pradesh, with work commencing on 2014-07-01. The Operational Creditor stated that the work was completed on 2015-03-15, with a total liability of Rs. 6,28,66,367 against a contract price of Rs. 5,21,51,780. A work completion certificate dated 2019-01-11 was issued by the Corporate Debtor. The outstanding liability as of 2019-03-31 was Rs. 3,00,37,703. A demand notice under Section 8 of the IBC was sent on 2019-03-14. The Corporate Debtor claimed the work
…Work Order No.…
Constructio…