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, alleging 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 from 30.06.2017 to 04.11.2019. The Corporate Debtor, NBCC (India) Limited, argued that there was a pre-existing dispute regarding the quality of work and that payments were contingent upon receiving funds from their client, STPI. The applicant was contracted to perform interior works for Software Technology Parks of India (STPI).
M/s. India Wood Craft (Applicant), an interior decorator, was awarded a contract by M/s. NBCC (India) Limited (Corporate Debtor) for interior works for Software Technology Parks of India (STPI) via a Letter of Acceptance dated 2016-08-12. The work was to be completed within 4 months. The Applicant raised seven running account bills, and part payments were made. The Applicant also submitted a security deposit and retention money of Rs. 15,68,153/-. The Corporate Debtor prepared the 8th and final bill dated 2017-06-30. The Applicant claimed an outstanding amount of Rs. 44,79,398/-, while the Corporate Debtor stated the outstanding amount was Rs. 32,78,332/-. The Applicant sent reminders for payment and issued a demand notice dated 2019-11-04, which was received by the
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Corporate Debtor…
Corporate Debtor…
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, alleging 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 from 30.06.2017 to 04.11.2019. The Corporate Debtor, NBCC (India) Limited, argued that there was a pre-existing dispute regarding the quality of work and that payments were contingent upon receiving funds from their client, STPI. The applicant was contracted to perform interior works for Software Technology Parks of India (STPI).
M/s. India Wood Craft (Applicant), an interior decorator, was awarded a contract by M/s. NBCC (India) Limited (Corporate Debtor) for interior works for Software Technology Parks of India (STPI) via a Letter of Acceptance dated 2016-08-12. The work was to be completed within 4 months. The Applicant raised seven running account bills, and part payments were made. The Applicant also submitted a security deposit and retention money of Rs. 15,68,153/-. The Corporate Debtor prepared the 8th and final bill dated 2017-06-30. The Applicant claimed an outstanding amount of Rs. 44,79,398/-, while the Corporate Debtor stated the outstanding amount was Rs. 32,78,332/-. The Applicant sent reminders for payment and issued a demand notice dated 2019-11-04, which was received by the
…Corporate Debtor…
Corporate Debtor…