Jaatvedas Construction and Contractors LLP filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against B.P. Gangar Construction Private Limited, alleging a default of Rs. 1,74,59,185. The Corporate Debtor argued that there were pre-existing disputes regarding the quality of services provided by the Operational Creditor and that the claim amount was below the threshold limit. The Operational Creditor contended that the Corporate Debtor had admitted its liability and that the disputes were raised as an afterthought to avoid payment.
Jaatvedas Construction and Contractors LLP (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against B.P. Gangar Construction Private Limited (Corporate Debtor), alleging a default of Rs. 1,74,59,185. The Operational Creditor and Corporate Debtor entered into an understanding in January 2021, where the Operational Creditor was engaged to provide construction services for a project named 'Skye31'. From March 2021 to December 2021, the Operational Creditor raised four invoices aggregating to Rs. 2,82,88,654. The Corporate Debtor made part payments until June 2021 but failed to pay the outstanding debt. The Operational Creditor sent an email on 20.12.2021
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Operational Creditor and Corporate Debtor…
Constructio…
Jaatvedas Construction and Contractors LLP filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against B.P. Gangar Construction Private Limited, alleging a default of Rs. 1,74,59,185. The Corporate Debtor argued that there were pre-existing disputes regarding the quality of services provided by the Operational Creditor and that the claim amount was below the threshold limit. The Operational Creditor contended that the Corporate Debtor had admitted its liability and that the disputes were raised as an afterthought to avoid payment.
Jaatvedas Construction and Contractors LLP (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against B.P. Gangar Construction Private Limited (Corporate Debtor), alleging a default of Rs. 1,74,59,185. The Operational Creditor and Corporate Debtor entered into an understanding in January 2021, where the Operational Creditor was engaged to provide construction services for a project named 'Skye31'. From March 2021 to December 2021, the Operational Creditor raised four invoices aggregating to Rs. 2,82,88,654. The Corporate Debtor made part payments until June 2021 but failed to pay the outstanding debt. The Operational Creditor sent an email on 20.12.2021
…Operational Creditor and Corporate Debtor…
Constructio…