M/S Earthcon Promoters Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shyam Digital Communications Private Ltd. for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor (Earthcon) claimed that the Corporate Debtor (Shyam Digital) had approached them in 2011 for construction work in Gurugram. Earthcon provided costing details and work descriptions via email. A meeting occurred on 20.08.2011, where Shyam Digital accepted the rates and gave the go-ahead. Earthcon completed the ground floor and boundary wall work by 30.03.2012 and raised a bill of Rs 25,48,262. The bill was scrutinized and approved for Rs 19,02,527. Shyam Digital made a partial payment of Rs 7,00,000 in September 2011 and Rs
…In 2011, Shyam Digital Communications Private Ltd. (Corporate Debtor) approached Earthcon Promoters Ltd. (Operational Creditor) for construction work in Gurugram. Earthcon provided costing details via email on 23.07.2011. On 20.08.2011, Shyam Digital accepted Earthcon's rates. Earthcon completed the ground floor and boundary wall work by 30.03.2012 and raised a bill of Rs 25,48,262. The bill was scrutinized and approved for Rs 19,02,527. Shyam Digital paid Rs 7,00,000 in September 2011 and Rs 1,00,000 on 12.02.2018, leaving Rs 11,02,527 outstanding. Earthcon issued a legal notice on 11.02.2016 and a demand notice on 19.02.2019. Shyam Digital claimed the work was incomplete and the application was time-barred. Earthcon maintained books showing the balance due. The
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M/S Earthcon Promoters Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shyam Digital Communications Private Ltd. for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor (Earthcon) claimed that the Corporate Debtor (Shyam Digital) had approached them in 2011 for construction work in Gurugram. Earthcon provided costing details and work descriptions via email. A meeting occurred on 20.08.2011, where Shyam Digital accepted the rates and gave the go-ahead. Earthcon completed the ground floor and boundary wall work by 30.03.2012 and raised a bill of Rs 25,48,262. The bill was scrutinized and approved for Rs 19,02,527. Shyam Digital made a partial payment of Rs 7,00,000 in September 2011 and Rs
…In 2011, Shyam Digital Communications Private Ltd. (Corporate Debtor) approached Earthcon Promoters Ltd. (Operational Creditor) for construction work in Gurugram. Earthcon provided costing details via email on 23.07.2011. On 20.08.2011, Shyam Digital accepted Earthcon's rates. Earthcon completed the ground floor and boundary wall work by 30.03.2012 and raised a bill of Rs 25,48,262. The bill was scrutinized and approved for Rs 19,02,527. Shyam Digital paid Rs 7,00,000 in September 2011 and Rs 1,00,000 on 12.02.2018, leaving Rs 11,02,527 outstanding. Earthcon issued a legal notice on 11.02.2016 and a demand notice on 19.02.2019. Shyam Digital claimed the work was incomplete and the application was time-barred. Earthcon maintained books showing the balance due. The
…The Corporate Debtor approached the Operational…
The Operational Creditor sent the costing…