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 by Karnataka Road Development Corporation Limited 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 settle the dues, prompting the operational
…Tashi Micro Surfacing System, an operational creditor, provided civil engineering services (micro-surfacing work) to GVR – RMN Hubli Lakshmeshwar Road Project Private Limited, the corporate debtor, under a subcontract agreement related to a road improvement project. The corporate debtor was given contract by M/s. Karnataka Road Development Corporation Limited for improvement and widening of Hubli – Lakshmeshwar Road. 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 deduct and deposit Work Contract Tax (WCT) as per the contract, burdening the operational
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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 by Karnataka Road Development Corporation Limited 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 settle the dues, prompting the operational
…Tashi Micro Surfacing System, an operational creditor, provided civil engineering services (micro-surfacing work) to GVR – RMN Hubli Lakshmeshwar Road Project Private Limited, the corporate debtor, under a subcontract agreement related to a road improvement project. The corporate debtor was given contract by M/s. Karnataka Road Development Corporation Limited for improvement and widening of Hubli – Lakshmeshwar Road. 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 deduct and deposit Work Contract Tax (WCT) as per the contract, burdening the operational
…Corporate Debtor sub-contracted the…
Last payment received…