Thermo Systems Pvt Ltd, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Madhucon Projects Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor owed them Rs. 5,92,65,932/- based on a decree of the Civil Court dated 22.12.2020. The Corporate Debtor disputed the claims, citing delays in filing counter-affidavits and the pendency of an appeal against the civil court decree. The Corporate Debtor also argued that the claim was time-barred and that original invoices were not produced.
Thermo Systems Pvt Ltd (Operational Creditor) filed an application against Madhucon Projects Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of CIRP. The claim was based on a Civil Court decree dated 22.12.2020 for Rs. 5,92,65,932/-. The Operational Creditor is in the business of engineering, procurement, construction, and commissioning of projects. The Corporate Debtor had placed orders/contracts dated 27.11.2009 and 25.06.2010 for supplies and services, which the Operational Creditor completed as per Work Completion Certificates dated 22.04.2012 and 07.09.2013. A sum of Rs.327.59 lacs was recorded as outstanding in Minutes of Meeting dated 23.12.2014. After disagreements, a Memorandum of Understanding dated
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Corporate Debto…
Corporate Debto…
Thermo Systems Pvt Ltd, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Madhucon Projects Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor owed them Rs. 5,92,65,932/- based on a decree of the Civil Court dated 22.12.2020. The Corporate Debtor disputed the claims, citing delays in filing counter-affidavits and the pendency of an appeal against the civil court decree. The Corporate Debtor also argued that the claim was time-barred and that original invoices were not produced.
Thermo Systems Pvt Ltd (Operational Creditor) filed an application against Madhucon Projects Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of CIRP. The claim was based on a Civil Court decree dated 22.12.2020 for Rs. 5,92,65,932/-. The Operational Creditor is in the business of engineering, procurement, construction, and commissioning of projects. The Corporate Debtor had placed orders/contracts dated 27.11.2009 and 25.06.2010 for supplies and services, which the Operational Creditor completed as per Work Completion Certificates dated 22.04.2012 and 07.09.2013. A sum of Rs.327.59 lacs was recorded as outstanding in Minutes of Meeting dated 23.12.2014. After disagreements, a Memorandum of Understanding dated
…Corporate Debto…
Corporate Debto…