Rajendra Mittal, proprietor of Mittal Construction Company (Operational Creditor), filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Semac Consultants Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Petitioner claimed an operational debt of Rs. 2,79,85,341.44 for construction work, alleging non-payment despite satisfactory completion and approval of bills. The Corporate Debtor, in response, raised the issue of a pre-existing dispute, citing delays, defects, abandonment of the work site, sub-standard quality, and alleged excess payments made to the Petitioner. The Corporate Debtor also highlighted that the Petitioner had invoked arbitration prior to issuing the demand notice under IBC.

Rajendra Mittal, proprietor of Mittal Construction Company (Operational Creditor), filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Semac Consultants Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Petitioner claimed an operational debt of Rs. 2,79,85,341.44 for construction work, alleging non-payment despite satisfactory completion and approval of bills. The Corporate Debtor, in response, raised the issue of a pre-existing dispute, citing delays, defects, abandonment of the work site, sub-standard quality, and alleged excess payments made to the Petitioner. The Corporate Debtor also highlighted that the Petitioner had invoked arbitration prior to issuing the demand notice under IBC.