M/s. Teemage Builders Pvt Ltd, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ayyanna IT Park LLP, the corporate debtor, for defaulting on a payment of Rs. 10,10,51,707/-. The operational creditor contended that they had entered into an agreement with the corporate debtor for completing the remaining work of a construction project after the initial contractor, M/s. Seenaiah Constructions Private Limited (SCPL), abandoned the project midway. The operational creditor claimed to have completed major works and raised invoices, but the corporate debtor only partially paid the dues, leading to the default.
M/s. Teemage Builders Pvt Ltd (Operational Creditor) entered into an agreement with Ayyanna IT Park LLP (Corporate Debtor) on 16-07-2019 to complete the remaining construction work of an IT park project after M/s. Seenaiah Constructions Private Limited (SCPL) abandoned it midway. The agreed contract amount was Rs. 26,93,48,450/- excluding GST. The Operational Creditor started work in July 2019 and received a mobilization advance of Rs. 1,90,00,000/- against a bank guarantee of Rs. 1,00,00,000/-. The Operational Creditor raised invoices between 31-07-2019 and 25-03-2020 for Rs. 31,78,92,002/-, with a net receivable amount of Rs. 29,60,04,195/-. The Corporate Debtor retained Rs. 2,18,87,807/- as security for performance. The Operational Creditor claims to have completed
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M/s. Teemage Builders Pvt Ltd and Ayyanna IT…
Operational C…
M/s. Teemage Builders Pvt Ltd, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ayyanna IT Park LLP, the corporate debtor, for defaulting on a payment of Rs. 10,10,51,707/-. The operational creditor contended that they had entered into an agreement with the corporate debtor for completing the remaining work of a construction project after the initial contractor, M/s. Seenaiah Constructions Private Limited (SCPL), abandoned the project midway. The operational creditor claimed to have completed major works and raised invoices, but the corporate debtor only partially paid the dues, leading to the default.
M/s. Teemage Builders Pvt Ltd (Operational Creditor) entered into an agreement with Ayyanna IT Park LLP (Corporate Debtor) on 16-07-2019 to complete the remaining construction work of an IT park project after M/s. Seenaiah Constructions Private Limited (SCPL) abandoned it midway. The agreed contract amount was Rs. 26,93,48,450/- excluding GST. The Operational Creditor started work in July 2019 and received a mobilization advance of Rs. 1,90,00,000/- against a bank guarantee of Rs. 1,00,00,000/-. The Operational Creditor raised invoices between 31-07-2019 and 25-03-2020 for Rs. 31,78,92,002/-, with a net receivable amount of Rs. 29,60,04,195/-. The Corporate Debtor retained Rs. 2,18,87,807/- as security for performance. The Operational Creditor claims to have completed
…M/s. Teemage Builders Pvt Ltd and Ayyanna IT…
Operational C…