This case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Teemage Builders Pvt Ltd (Operational Creditor) against Ayyanna IT Park LLP (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of Rs. 10,10,51,707/-. The Operational Creditor claimed to have entered into an agreement with the Corporate Debtor for completing remaining construction work after another contractor abandoned the project. The Corporate Debtor, however, contended that there was a pre-existing dispute regarding the quality and extent of work completed, and that the Operational Creditor failed to complete the full scope of work as per the agreement.
M/s. Teemage Builders Pvt Ltd (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ayyanna IT Park LLP (Corporate Debtor) for a default of Rs. 10,10,51,707/-. The Operational Creditor and Corporate Debtor entered into an agreement dated 16-07-2019 for the completion of remaining work on a construction project, after M/s. Seenaiah Constructions Private Limited (SCPL) abandoned the project midway. The agreement included both sale of material and service of assembling those materials at the project site at Rs.26,93,48,450/-. 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
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Operational C…
This case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Teemage Builders Pvt Ltd (Operational Creditor) against Ayyanna IT Park LLP (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of Rs. 10,10,51,707/-. The Operational Creditor claimed to have entered into an agreement with the Corporate Debtor for completing remaining construction work after another contractor abandoned the project. The Corporate Debtor, however, contended that there was a pre-existing dispute regarding the quality and extent of work completed, and that the Operational Creditor failed to complete the full scope of work as per the agreement.
M/s. Teemage Builders Pvt Ltd (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ayyanna IT Park LLP (Corporate Debtor) for a default of Rs. 10,10,51,707/-. The Operational Creditor and Corporate Debtor entered into an agreement dated 16-07-2019 for the completion of remaining work on a construction project, after M/s. Seenaiah Constructions Private Limited (SCPL) abandoned the project midway. The agreement included both sale of material and service of assembling those materials at the project site at Rs.26,93,48,450/-. 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
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Operational C…