The case involves an application filed by Tashi Micro Surfacing System, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) against GVR – RMN Hubli Lakshmeshwar Road Project Private Limited, the corporate debtor. The operational creditor provided civil engineering services (micro-surfacing work) to the corporate debtor, who was subcontracted for a road improvement project. Disputes arose regarding outstanding payments, leading the operational creditor to approach the Arbitral Tribunal, which ruled in their favor. Despite this, the corporate debtor failed to make the payments, prompting the operational creditor to file the application under the IBC.
Tashi Micro Surfacing System, a partnership firm, provided civil engineering services (micro-surfacing work) to GVR – RMN Hubli Lakshmeshwar Road Project Private Limited, the corporate debtor. The corporate debtor was subcontracted for a road improvement project by Karnataka Road Development Corporation Limited. Disputes arose regarding outstanding payments for the work done. The operational creditor raised invoices, but the corporate debtor allegedly failed to make full payments. As of 31.05.2016, a balance of Rs.70,09,269/- was pending. The corporate debtor also failed to deposit Work Contract Tax (WCT) deducted from the invoices, burdening the petitioner with an additional Rs.10,98,879/-. The corporate debtor retained Rs.13,00,330/- as a refundable security amount.
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Corporate Debtor sub-contracted the…
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The case involves an application filed by Tashi Micro Surfacing System, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) against GVR – RMN Hubli Lakshmeshwar Road Project Private Limited, the corporate debtor. The operational creditor provided civil engineering services (micro-surfacing work) to the corporate debtor, who was subcontracted for a road improvement project. Disputes arose regarding outstanding payments, leading the operational creditor to approach the Arbitral Tribunal, which ruled in their favor. Despite this, the corporate debtor failed to make the payments, prompting the operational creditor to file the application under the IBC.
Tashi Micro Surfacing System, a partnership firm, provided civil engineering services (micro-surfacing work) to GVR – RMN Hubli Lakshmeshwar Road Project Private Limited, the corporate debtor. The corporate debtor was subcontracted for a road improvement project by Karnataka Road Development Corporation Limited. Disputes arose regarding outstanding payments for the work done. The operational creditor raised invoices, but the corporate debtor allegedly failed to make full payments. As of 31.05.2016, a balance of Rs.70,09,269/- was pending. The corporate debtor also failed to deposit Work Contract Tax (WCT) deducted from the invoices, burdening the petitioner with an additional Rs.10,98,879/-. The corporate debtor retained Rs.13,00,330/- as a refundable security amount.
…Corporate Debtor sub-contracted the…
Last payment received…