Skylark Highway Solutions Limited filed a petition under Section 8 & 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Topworth Infra Private Limited. The petitioner alleged that the corporate debtor defaulted in making payment of Rs. 1,44,70,573/-, which included interest at 18% per annum for delayed payment. The claim arose from a memorandum of understanding (MOU) dated 11.05.2016, where the corporate debtor agreed to pay the petitioner for services provided.
Skylark Highway Solutions Limited (Petitioner) provided manpower services to Topworth Infra Private Limited (Corporate Debtor) for road projects based on work orders issued in 2014. The Corporate Debtor later engaged another party for similar services, leading to a Memorandum of Understanding (MOU) on 11.05.2016, where the Corporate Debtor agreed to pay Rs. 1,36,80,923/- to the Petitioner for services rendered. The Corporate Debtor made a partial payment of Rs. 33,90,000/-, leaving a balance of Rs. 97,46,022/-. The Petitioner presented cheques for payment, but three cheques of Rs. 20,00,000 each were returned due to insufficient funds. The Petitioner issued a demand notice on 04.08.2018, but received no response. Despite repeated requests and assurances, the Corporate
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Corporate Debtor issued…
Parties entered into an MOU where the Corporate…
Skylark Highway Solutions Limited filed a petition under Section 8 & 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Topworth Infra Private Limited. The petitioner alleged that the corporate debtor defaulted in making payment of Rs. 1,44,70,573/-, which included interest at 18% per annum for delayed payment. The claim arose from a memorandum of understanding (MOU) dated 11.05.2016, where the corporate debtor agreed to pay the petitioner for services provided.
Skylark Highway Solutions Limited (Petitioner) provided manpower services to Topworth Infra Private Limited (Corporate Debtor) for road projects based on work orders issued in 2014. The Corporate Debtor later engaged another party for similar services, leading to a Memorandum of Understanding (MOU) on 11.05.2016, where the Corporate Debtor agreed to pay Rs. 1,36,80,923/- to the Petitioner for services rendered. The Corporate Debtor made a partial payment of Rs. 33,90,000/-, leaving a balance of Rs. 97,46,022/-. The Petitioner presented cheques for payment, but three cheques of Rs. 20,00,000 each were returned due to insufficient funds. The Petitioner issued a demand notice on 04.08.2018, but received no response. Despite repeated requests and assurances, the Corporate
…Corporate Debtor issued…
Parties entered into an MOU where the Corporate…