Mitcon Consultancy & Engineering Services Ltd. filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Meru Kapital Pvt. Ltd. The petition pertains to an operational debt arising from a contract where Mitcon was to prepare a project report for an agriculture development and food park. The total cost of the work was Rs. 15,00,000, with an agreement that delayed payments would incur an 18% annual interest. Mitcon claims that despite completing the work and issuing invoices, a significant portion of the payment remains outstanding, including principal and interest.
Mitcon Consultancy & Engineering Services Ltd. (Operational Creditor) filed a petition against M/s. Meru Kapital Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC, seeking initiation of CIRP. A contract dated 2016-05-13 was awarded to Mitcon for preparing a project report for an agriculture development and food park at Dindori, Nashik, for a total cost of Rs. 15,00,000 plus taxes. The contract included payment terms and stipulated an 18% annual interest on delayed payments. Mitcon received Rs. 5,72,500 from the Corporate Debtor and commenced work, including site visits on 2016-05-24 and 2016-05-25. Mitcon sent email reminders for required documents and submitted a draft report on 2017-12-11. The Corporate Debtor made a payment of Rs. 3,15,000. Mitcon issued
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Mitcon Consultancy & Engineering Services Ltd. filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Meru Kapital Pvt. Ltd. The petition pertains to an operational debt arising from a contract where Mitcon was to prepare a project report for an agriculture development and food park. The total cost of the work was Rs. 15,00,000, with an agreement that delayed payments would incur an 18% annual interest. Mitcon claims that despite completing the work and issuing invoices, a significant portion of the payment remains outstanding, including principal and interest.
Mitcon Consultancy & Engineering Services Ltd. (Operational Creditor) filed a petition against M/s. Meru Kapital Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC, seeking initiation of CIRP. A contract dated 2016-05-13 was awarded to Mitcon for preparing a project report for an agriculture development and food park at Dindori, Nashik, for a total cost of Rs. 15,00,000 plus taxes. The contract included payment terms and stipulated an 18% annual interest on delayed payments. Mitcon received Rs. 5,72,500 from the Corporate Debtor and commenced work, including site visits on 2016-05-24 and 2016-05-25. Mitcon sent email reminders for required documents and submitted a draft report on 2017-12-11. The Corporate Debtor made a payment of Rs. 3,15,000. Mitcon issued
…Respondent awarded the…
Officers of the…
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