M/s. M. Waris Construction, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Essel Highways Limited, the Corporate Debtor (CD), due to an alleged default of Rs. 1,84,22,552.80/-. The OC claimed the amount was due for services provided as a sub-contractor for the maintenance of Damoh-Jabalpur Toll Road. The CD contested the application, arguing that there was no direct contractual relationship, the OC was ineligible to file the application, the application was defective, and the claim was barred by limitation. The CD contended that the work was carried out for its Special Purpose Vehicle (SPV), Essel Damoh Jabalpur Toll Roads Limited,
…M/s. M. Waris Construction, an operational creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Essel Highways Limited, the corporate debtor (CD), for a default amount of Rs. 1,84,22,552.80. The OC provided services to the CD as a sub-contractor for the maintenance of the Damoh-Jabalpur Toll Road, based on a purchase order (PO) dated 09.02.2016. The OC issued RA Bills and Interim Payment Certificates (IPCs) dated 05.05.2016 and 15.06.2016. The CD made payments totaling Rs. 45,00,000, with the last payment of Rs. 15,00,000 made on 16.11.2018. The OC sent demand notices dated 28.04.2021 under Section 8 of the IBC. The CD argued that there was no contractual relationship between the OC and the CD, as the work was
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The Corporate Debtor (CD) issued a Purchase…
The Operational Creditor (OC) issued Running…
M/s. M. Waris Construction, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Essel Highways Limited, the Corporate Debtor (CD), due to an alleged default of Rs. 1,84,22,552.80/-. The OC claimed the amount was due for services provided as a sub-contractor for the maintenance of Damoh-Jabalpur Toll Road. The CD contested the application, arguing that there was no direct contractual relationship, the OC was ineligible to file the application, the application was defective, and the claim was barred by limitation. The CD contended that the work was carried out for its Special Purpose Vehicle (SPV), Essel Damoh Jabalpur Toll Roads Limited,
…M/s. M. Waris Construction, an operational creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Essel Highways Limited, the corporate debtor (CD), for a default amount of Rs. 1,84,22,552.80. The OC provided services to the CD as a sub-contractor for the maintenance of the Damoh-Jabalpur Toll Road, based on a purchase order (PO) dated 09.02.2016. The OC issued RA Bills and Interim Payment Certificates (IPCs) dated 05.05.2016 and 15.06.2016. The CD made payments totaling Rs. 45,00,000, with the last payment of Rs. 15,00,000 made on 16.11.2018. The OC sent demand notices dated 28.04.2021 under Section 8 of the IBC. The CD argued that there was no contractual relationship between the OC and the CD, as the work was
…The Corporate Debtor (CD) issued a Purchase…
The Operational Creditor (OC) issued Running…