The case involves a petition filed by Mr. Ajay Kumar Krushna Pradhan, an operational creditor, against Gammon India Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) based on an alleged default of INR 15,26,964. The operational creditor claimed that the corporate debtor failed to pay for the labor supplied for the Chennai Metro Rail Project. The corporate debtor refuted the claim, citing issues with the demand notice, lack of invoices, and the termination of the contract.
Mr. Ajay Kumar Krushna Pradhan, an individual civil contractor and labor supplier (Operational Creditor), filed a petition against Gammon India Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claim was for INR 15,26,964, which included a principal amount of INR 11,88,299 outstanding as of 08/11/2015, plus interest. The debt allegedly arose from work done by the Operational Creditor for the Corporate Debtor's Chennai Metro Rail Project. The Corporate Debtor retained 5% of the amount towards retention money. The Corporate Debtor issued an undated balance confirmation letter on 29th September, 2015, acknowledging the amount payable. The Corporate Debtor made a part payment of INR 81,000, leaving a
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The case involves a petition filed by Mr. Ajay Kumar Krushna Pradhan, an operational creditor, against Gammon India Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) based on an alleged default of INR 15,26,964. The operational creditor claimed that the corporate debtor failed to pay for the labor supplied for the Chennai Metro Rail Project. The corporate debtor refuted the claim, citing issues with the demand notice, lack of invoices, and the termination of the contract.
Mr. Ajay Kumar Krushna Pradhan, an individual civil contractor and labor supplier (Operational Creditor), filed a petition against Gammon India Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claim was for INR 15,26,964, which included a principal amount of INR 11,88,299 outstanding as of 08/11/2015, plus interest. The debt allegedly arose from work done by the Operational Creditor for the Corporate Debtor's Chennai Metro Rail Project. The Corporate Debtor retained 5% of the amount towards retention money. The Corporate Debtor issued an undated balance confirmation letter on 29th September, 2015, acknowledging the amount payable. The Corporate Debtor made a part payment of INR 81,000, leaving a
…The Corporate Debtor's…
The Corporate Debtor…