Chemi Tech Engineers Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against NBCC (India) Ltd. for defaulting on a payment of Rs. 19,36,89,351/-. The applicant claimed that NBCC had awarded a work order for construction of external services in 2009, and despite completing the work between 2010 and 2014, NBCC failed to release the full payment. The applicant had also filed a suit for recovery of outstanding bills in the Delhi High Court in 2016.
In 2009, NBCC (India) Ltd. awarded a work order to Chemi Tech Engineers Pvt. Ltd. for construction of external services. Chemi Tech carried out the work between 2010 and August 2014. The applicant submitted the 23rd RA bill on 24.09.2014, which was processed, and TDS was deducted, but the net amount was not released. The 24th RA bill was submitted on 25.11.2014, and the 25th RA bill on 18.11.2015, but payments were not released. In 2016, Chemi Tech filed a suit for recovery of outstanding bills in the Delhi High Court. On 28.06.2021, Chemi Tech issued a statutory notice of demand under Section 8 of the IBC to NBCC. On 15.07.2021, NBCC replied, raising a dispute. NBCC claimed that Chemi Tech had not completed the work and that there were defects in the work. NBCC also
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Chemi Tech Engineers Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against NBCC (India) Ltd. for defaulting on a payment of Rs. 19,36,89,351/-. The applicant claimed that NBCC had awarded a work order for construction of external services in 2009, and despite completing the work between 2010 and 2014, NBCC failed to release the full payment. The applicant had also filed a suit for recovery of outstanding bills in the Delhi High Court in 2016.
In 2009, NBCC (India) Ltd. awarded a work order to Chemi Tech Engineers Pvt. Ltd. for construction of external services. Chemi Tech carried out the work between 2010 and August 2014. The applicant submitted the 23rd RA bill on 24.09.2014, which was processed, and TDS was deducted, but the net amount was not released. The 24th RA bill was submitted on 25.11.2014, and the 25th RA bill on 18.11.2015, but payments were not released. In 2016, Chemi Tech filed a suit for recovery of outstanding bills in the Delhi High Court. On 28.06.2021, Chemi Tech issued a statutory notice of demand under Section 8 of the IBC to NBCC. On 15.07.2021, NBCC replied, raising a dispute. NBCC claimed that Chemi Tech had not completed the work and that there were defects in the work. NBCC also
…NBCC awarded work order…
Chemi Tech carried out…