M/s. Dnova Infracon Pvt. Ltd. filed C.P. (IB) No.191/BB/2019 under Section 9 of the IBC, 2016, read with Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Time & Space Lifestyle LLP, alleging a default of Rs.77,51,354/-. The Operational Creditor (Dnova Infracon) claims to have provided interior contract services to the Corporate Debtor (Time & Space Lifestyle) for a project named 'Playboy Beer Garden'. The Corporate Debtor denies any privity of contract and disputes the amount claimed.
M/s. Dnova Infracon Pvt. Ltd. (Operational Creditor) claimed that M/s. Time & Space Lifestyle LLP (Corporate Debtor) defaulted on a payment of Rs.77,51,354/- for interior contract services provided for the Corporate Debtor's project, 'Playboy Beer Garden'. Dnova Infracon was incorporated on 30.03.2011. Time & Space Lifestyle LLP was incorporated on 08.03.2016. Dnova Infracon was appointed as the contractor for the project. The total invoice bills raised by Dnova Infracon amounted to Rs.1,76,27,351.34/-. The Corporate Debtor made payments totaling Rs.96,93,270/-. The Corporate Debtor also deposited a TDS amount of Rs.1,82,728/-. Dnova Infracon sent a statutory demand notice dated 23.10.2018, followed by another notice dated 10.12.2018. The Corporate Debtor
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M/s. Dnova Infracon Pvt. Ltd. filed C.P. (IB) No.191/BB/2019 under Section 9 of the IBC, 2016, read with Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Time & Space Lifestyle LLP, alleging a default of Rs.77,51,354/-. The Operational Creditor (Dnova Infracon) claims to have provided interior contract services to the Corporate Debtor (Time & Space Lifestyle) for a project named 'Playboy Beer Garden'. The Corporate Debtor denies any privity of contract and disputes the amount claimed.
M/s. Dnova Infracon Pvt. Ltd. (Operational Creditor) claimed that M/s. Time & Space Lifestyle LLP (Corporate Debtor) defaulted on a payment of Rs.77,51,354/- for interior contract services provided for the Corporate Debtor's project, 'Playboy Beer Garden'. Dnova Infracon was incorporated on 30.03.2011. Time & Space Lifestyle LLP was incorporated on 08.03.2016. Dnova Infracon was appointed as the contractor for the project. The total invoice bills raised by Dnova Infracon amounted to Rs.1,76,27,351.34/-. The Corporate Debtor made payments totaling Rs.96,93,270/-. The Corporate Debtor also deposited a TDS amount of Rs.1,82,728/-. Dnova Infracon sent a statutory demand notice dated 23.10.2018, followed by another notice dated 10.12.2018. The Corporate Debtor
…Operational Creditor…
A meeting was held on…