This case involves a petition filed by Mr. Haresh Patel, Sole Proprietor of M/s. Packaging Associates (Operational Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mahindra Lifespace Developers Limited (Corporate Debtor). The Operational Creditor alleged that the Corporate Debtor defaulted on payments amounting to Rs. 3,16,07,464/-, inclusive of 18% per annum interest amounting to Rs. 78,93,745/-. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor opposed the admission of the petition, primarily arguing that the claim was barred by limitation.
Mr. Haresh Patel, Sole Proprietor of M/s. Packaging Associates (Operational Creditor), filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mahindra Lifespace Developers Limited (Corporate Debtor) for defaulting on payments of Rs. 3,16,07,464/-, including interest. The Operational Creditor was in the business of undertaking works contracts for the supply of doors, windows, and interior fit-outs. The Corporate Debtor was in the business of real estate and infrastructure development. The Operational Creditor executed works contracts for the Corporate Debtor between February 2015 and November 2016, raising invoices aggregating to Rs. 12,25,19,750/-. The Corporate Debtor paid Rs. 9,58,25,532/- between March 2015 and August 2016, and
…Sign in to view the parties.
Corporate Debtor was…
The Petitioner executed Work under…
This case involves a petition filed by Mr. Haresh Patel, Sole Proprietor of M/s. Packaging Associates (Operational Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mahindra Lifespace Developers Limited (Corporate Debtor). The Operational Creditor alleged that the Corporate Debtor defaulted on payments amounting to Rs. 3,16,07,464/-, inclusive of 18% per annum interest amounting to Rs. 78,93,745/-. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor opposed the admission of the petition, primarily arguing that the claim was barred by limitation.
Mr. Haresh Patel, Sole Proprietor of M/s. Packaging Associates (Operational Creditor), filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mahindra Lifespace Developers Limited (Corporate Debtor) for defaulting on payments of Rs. 3,16,07,464/-, including interest. The Operational Creditor was in the business of undertaking works contracts for the supply of doors, windows, and interior fit-outs. The Corporate Debtor was in the business of real estate and infrastructure development. The Operational Creditor executed works contracts for the Corporate Debtor between February 2015 and November 2016, raising invoices aggregating to Rs. 12,25,19,750/-. The Corporate Debtor paid Rs. 9,58,25,532/- between March 2015 and August 2016, and
…Corporate Debtor was…
The Petitioner executed Work under…