The case involves an application filed by Vee Kay Electricals (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Ubitech Pvt. Ltd. (Corporate Debtor). The operational creditor claimed that the corporate debtor defaulted on payments for work executed under various agreements. The corporate debtor contested the application, asserting the existence of a dispute and non-completion of work by the operational creditor.
Vee Kay Electricals, a sole proprietorship, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Ubitech Pvt. Ltd. Vee Kay Electricals claimed to be an operational creditor of Ubitech Pvt. Ltd. The claim arose from work orders issued by Punjab State Power Corporation Ltd. (PSPCL) to Ubitech Pvt. Ltd., for which Vee Kay Electricals executed work. Agreements were entered into between Vee Kay Electricals and Ubitech Pvt. Ltd. for shifting existing single/three-phase energy meters. Vee Kay Electricals issued invoices to Ubitech Pvt. Ltd. between 2012 and 2015, totaling ₹16,32,234, ₹15,79,724, and ₹15,87,475. Ubitech Pvt. Ltd. paid ₹16,67,395 till 30.08.2015. As of 30.10.2015, the total debt was ₹41,18,454, including
…Sign in to view the parties.
Operational creditor claimed that surplus and…
Operational creditor issued various…
The case involves an application filed by Vee Kay Electricals (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Ubitech Pvt. Ltd. (Corporate Debtor). The operational creditor claimed that the corporate debtor defaulted on payments for work executed under various agreements. The corporate debtor contested the application, asserting the existence of a dispute and non-completion of work by the operational creditor.
Vee Kay Electricals, a sole proprietorship, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Ubitech Pvt. Ltd. Vee Kay Electricals claimed to be an operational creditor of Ubitech Pvt. Ltd. The claim arose from work orders issued by Punjab State Power Corporation Ltd. (PSPCL) to Ubitech Pvt. Ltd., for which Vee Kay Electricals executed work. Agreements were entered into between Vee Kay Electricals and Ubitech Pvt. Ltd. for shifting existing single/three-phase energy meters. Vee Kay Electricals issued invoices to Ubitech Pvt. Ltd. between 2012 and 2015, totaling ₹16,32,234, ₹15,79,724, and ₹15,87,475. Ubitech Pvt. Ltd. paid ₹16,67,395 till 30.08.2015. As of 30.10.2015, the total debt was ₹41,18,454, including
…Operational creditor claimed that surplus and…
Operational creditor issued various…