The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Ahluwalia Contracts (India) Limited, an operational creditor, against M/s Logix Infratech Private Limited, the corporate debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed default in payment of dues related to construction work done for the corporate debtor's project. A settlement agreement was reached between the parties, but the corporate debtor allegedly defaulted on the agreed payment schedule. The operational creditor then filed the petition to initiate CIRP based on this default.
M/s Ahluwalia Contracts (India) Limited (Operational Creditor) filed a petition against M/s Logix Infratech Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor entered into agreements for construction work on a project called 'Blossom Greens'. The Corporate Debtor awarded work to the Operational Creditor through a Letter of Intent (LOI) dated 06.09.2010 and subsequent agreements, including a Main Contract dated 05.10.2012 and a Work Order dated 11.07.2014. The Operational Creditor completed the work by 01.10.2015 and submitted a final bill on 07.03.2016. Out of the total invoiced amount, Rs. 10,10,52,519/-
…Sign in to view the parties.
Corporate Debtor…
Agreement bearing no. M880314 was executed…
The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Ahluwalia Contracts (India) Limited, an operational creditor, against M/s Logix Infratech Private Limited, the corporate debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed default in payment of dues related to construction work done for the corporate debtor's project. A settlement agreement was reached between the parties, but the corporate debtor allegedly defaulted on the agreed payment schedule. The operational creditor then filed the petition to initiate CIRP based on this default.
M/s Ahluwalia Contracts (India) Limited (Operational Creditor) filed a petition against M/s Logix Infratech Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor entered into agreements for construction work on a project called 'Blossom Greens'. The Corporate Debtor awarded work to the Operational Creditor through a Letter of Intent (LOI) dated 06.09.2010 and subsequent agreements, including a Main Contract dated 05.10.2012 and a Work Order dated 11.07.2014. The Operational Creditor completed the work by 01.10.2015 and submitted a final bill on 07.03.2016. Out of the total invoiced amount, Rs. 10,10,52,519/-
…Corporate Debtor…
Agreement bearing no. M880314 was executed…