The case involves an application filed by Mr. Jayakrushna Parida, an Operational Creditor, against Gammon India Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of INR 50,52,228/- which includes the principal amount of Rs.39,31,695/- and an interest of INR 11,20,533/-. The Corporate Debtor was awarded contractual work by Chennai Metro Rail Limited. The Operational Creditor supplied labour/work force to the Corporate Debtor from Orissa for the Chennai Metro Rail Project. The Corporate Debtor retained 5% amount towards retention money. The Operational Creditor claims that the Corporate Debtor issued a confirmation
…Mr. Jayakrushna Parida, an individual civil contractor and labour 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 Operational Creditor claimed a default of INR 50,52,228/-, comprising a principal amount of Rs.39,31,695/- due as of 08/11/2015 and interest of INR 11,20,533/- calculated at 18% p.a. from 08/11/2015 to 07/06/2017. The Operational Creditor supplied labour/work force to the Corporate Debtor from Orissa for the Chennai Metro Rail Project. The Corporate Debtor retained 5% amount towards retention money. The Operational Creditor alleged that the Corporate Debtor issued a confirmation letter on 29th September, 2015,
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The case involves an application filed by Mr. Jayakrushna Parida, an Operational Creditor, against Gammon India Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of INR 50,52,228/- which includes the principal amount of Rs.39,31,695/- and an interest of INR 11,20,533/-. The Corporate Debtor was awarded contractual work by Chennai Metro Rail Limited. The Operational Creditor supplied labour/work force to the Corporate Debtor from Orissa for the Chennai Metro Rail Project. The Corporate Debtor retained 5% amount towards retention money. The Operational Creditor claims that the Corporate Debtor issued a confirmation
…Mr. Jayakrushna Parida, an individual civil contractor and labour 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 Operational Creditor claimed a default of INR 50,52,228/-, comprising a principal amount of Rs.39,31,695/- due as of 08/11/2015 and interest of INR 11,20,533/- calculated at 18% p.a. from 08/11/2015 to 07/06/2017. The Operational Creditor supplied labour/work force to the Corporate Debtor from Orissa for the Chennai Metro Rail Project. The Corporate Debtor retained 5% amount towards retention money. The Operational Creditor alleged that the Corporate Debtor issued a confirmation letter on 29th September, 2015,
…The contract between the…
Alleged date of the…