The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Yogesh Gupta, Sole Proprietor of Rapid Constructions, against Aadi Best Consortium Private Limited, the Corporate Debtor. The Operational Creditor, Rapid Constructions, seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to unpaid operational debt arising from construction services provided. The debt stems from multiple agreements between the parties for construction work on the Cloud 9 Group Housing project. The Corporate Debtor made partial payments but failed to clear the outstanding balance despite multiple reminders and agreements, including a Supplementary Memorandum of Understanding (MOU).
Yogesh Gupta, operating as Rapid Constructions, provided construction services to Aadi Best Consortium Private Limited for the Cloud 9 Group Housing project under multiple agreements dated 25.10.2012, 25.02.2013 and 22.05.2017. Rapid Constructions executed structural work for Tower A, B, C, D, L-I and S-I of the project. Invoices were raised, and payments were made on an ad-hoc basis. After completion of the work, the parties agreed to settle outstanding amounts in a composite settlement, documented in an MOU dated 31.08.2020. The Corporate Debtor made substantial payments, but a balance remained. A Supplementary MOU dated 15.04.2021 acknowledged a liability of Rs. 2,01,70,061 along with Rs. 4,73,185 for security and statutory liabilities. The Corporate Debtor paid Rs.
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Operational Creditor and Corporate…
Operational Creditor and Corporate…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Yogesh Gupta, Sole Proprietor of Rapid Constructions, against Aadi Best Consortium Private Limited, the Corporate Debtor. The Operational Creditor, Rapid Constructions, seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to unpaid operational debt arising from construction services provided. The debt stems from multiple agreements between the parties for construction work on the Cloud 9 Group Housing project. The Corporate Debtor made partial payments but failed to clear the outstanding balance despite multiple reminders and agreements, including a Supplementary Memorandum of Understanding (MOU).
Yogesh Gupta, operating as Rapid Constructions, provided construction services to Aadi Best Consortium Private Limited for the Cloud 9 Group Housing project under multiple agreements dated 25.10.2012, 25.02.2013 and 22.05.2017. Rapid Constructions executed structural work for Tower A, B, C, D, L-I and S-I of the project. Invoices were raised, and payments were made on an ad-hoc basis. After completion of the work, the parties agreed to settle outstanding amounts in a composite settlement, documented in an MOU dated 31.08.2020. The Corporate Debtor made substantial payments, but a balance remained. A Supplementary MOU dated 15.04.2021 acknowledged a liability of Rs. 2,01,70,061 along with Rs. 4,73,185 for security and statutory liabilities. The Corporate Debtor paid Rs.
…Operational Creditor and Corporate…
Operational Creditor and Corporate…