AF Consult India Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sikkim Hydro Venture Limited, claiming default in payment of consultancy service fees. The applicant contended that despite providing services as per the agreement and raising invoices, the corporate debtor failed to make full payment, leading to an outstanding debt. The corporate debtor, however, claimed a pre-existing dispute regarding the quality of services provided.
AF Consult India Pvt. Ltd. (Applicant) provided consultancy services to Sikkim Hydro Venture Limited (Corporate Debtor) under an agreement dated October 25, 2012. The Applicant raised 27 invoices totaling Rs. 1,98,98,394/- until April 2014. The Corporate Debtor made partial payments of Rs. 6,14,160/- and Rs. 1,09,70,818/-, leaving an outstanding amount of Rs. 89,27,576/-. The Applicant issued a demand notice on September 20, 2017, under Section 8 of the IBC, claiming Rs. 131,45,856/- (including principal and interest). The Corporate Debtor replied, proposing an amicable resolution. A meeting was held on March 9, 2018, followed by a request for a settlement letter and postdated cheques on March 21, 2018, but no response was received. The Applicant filed an application
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AF Consult India Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sikkim Hydro Venture Limited, claiming default in payment of consultancy service fees. The applicant contended that despite providing services as per the agreement and raising invoices, the corporate debtor failed to make full payment, leading to an outstanding debt. The corporate debtor, however, claimed a pre-existing dispute regarding the quality of services provided.
AF Consult India Pvt. Ltd. (Applicant) provided consultancy services to Sikkim Hydro Venture Limited (Corporate Debtor) under an agreement dated October 25, 2012. The Applicant raised 27 invoices totaling Rs. 1,98,98,394/- until April 2014. The Corporate Debtor made partial payments of Rs. 6,14,160/- and Rs. 1,09,70,818/-, leaving an outstanding amount of Rs. 89,27,576/-. The Applicant issued a demand notice on September 20, 2017, under Section 8 of the IBC, claiming Rs. 131,45,856/- (including principal and interest). The Corporate Debtor replied, proposing an amicable resolution. A meeting was held on March 9, 2018, followed by a request for a settlement letter and postdated cheques on March 21, 2018, but no response was received. The Applicant filed an application
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