Satya Narayan Sharma, proprietor of M/s. India Wood Craft, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. NBCC (India) Limited, claiming a default in payment of Rs. 99,37,989/-. This amount includes a principal of Rs. 69,85,645/- and interest of Rs. 29,52,344/- for delayed payments related to interior works executed for Software Technology Parks of India (STPI). The Corporate Debtor, NBCC, argued that there was a pre-existing dispute regarding the quality of work and that payments were contingent upon receiving funds from STPI.
M/s. India Wood Craft, the Operational Creditor, undertook interior works for Software Technology Parks of India (STPI) based on a Letter of Acceptance dated 12.08.2016 issued by M/s. NBCC (India) Limited, the Corporate Debtor. The work included HVAC, fire fighting furniture, CCTV systems, and related civil works. The project was scheduled to be completed within four months. India Wood Craft raised seven running account bills, and part payments were made. The Corporate Debtor prepared the 8th and final bill dated 30.06.2017. India Wood Craft claimed an outstanding amount of Rs. 44,79,398/-, while NBCC acknowledged only Rs. 32,78,332/-. India Wood Craft sent reminders for payment and issued a demand notice on 04.11.2019. NBCC contended that payments were contingent upon
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NBCC (India) Limited issued a Letter of…
NBCC (India)…
Satya Narayan Sharma, proprietor of M/s. India Wood Craft, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. NBCC (India) Limited, claiming a default in payment of Rs. 99,37,989/-. This amount includes a principal of Rs. 69,85,645/- and interest of Rs. 29,52,344/- for delayed payments related to interior works executed for Software Technology Parks of India (STPI). The Corporate Debtor, NBCC, argued that there was a pre-existing dispute regarding the quality of work and that payments were contingent upon receiving funds from STPI.
M/s. India Wood Craft, the Operational Creditor, undertook interior works for Software Technology Parks of India (STPI) based on a Letter of Acceptance dated 12.08.2016 issued by M/s. NBCC (India) Limited, the Corporate Debtor. The work included HVAC, fire fighting furniture, CCTV systems, and related civil works. The project was scheduled to be completed within four months. India Wood Craft raised seven running account bills, and part payments were made. The Corporate Debtor prepared the 8th and final bill dated 30.06.2017. India Wood Craft claimed an outstanding amount of Rs. 44,79,398/-, while NBCC acknowledged only Rs. 32,78,332/-. India Wood Craft sent reminders for payment and issued a demand notice on 04.11.2019. NBCC contended that payments were contingent upon
…NBCC (India) Limited issued a Letter of…
NBCC (India)…