The case involves an application filed by Paramount Communications Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Neccon Power & Infra Limited, the Corporate Debtor. The Petitioner claims that the Respondent defaulted on payments for subcontracted work related to underground cable laying. The Petitioner executed part of the subcontracted work awarded to the Respondent by Power Grid Corporation of India Limited (PGCIL) and raised several invoices between February 2022 and August 2023. The Respondent allegedly admitted to the debt on multiple occasions but failed to make full payment.
Paramount Communications Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Neccon Power & Infra Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into an agreement on 03.07.2021, where the Corporate Debtor subcontracted part of the underground cable laying work awarded to them by Power Grid Corporation of India Limited (PGCIL). The Operational Creditor executed part of the subcontracted work and raised several invoices between February 2022 and August 2023. The principal sum of Rs. 1,84,00,853/- remains unpaid. The Corporate Debtor allegedly admitted these dues on multiple occasions, including in Minutes
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The Respondent entered into an Agreement and…
The Petitioner executed part of the…
The case involves an application filed by Paramount Communications Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Neccon Power & Infra Limited, the Corporate Debtor. The Petitioner claims that the Respondent defaulted on payments for subcontracted work related to underground cable laying. The Petitioner executed part of the subcontracted work awarded to the Respondent by Power Grid Corporation of India Limited (PGCIL) and raised several invoices between February 2022 and August 2023. The Respondent allegedly admitted to the debt on multiple occasions but failed to make full payment.
Paramount Communications Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Neccon Power & Infra Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into an agreement on 03.07.2021, where the Corporate Debtor subcontracted part of the underground cable laying work awarded to them by Power Grid Corporation of India Limited (PGCIL). The Operational Creditor executed part of the subcontracted work and raised several invoices between February 2022 and August 2023. The principal sum of Rs. 1,84,00,853/- remains unpaid. The Corporate Debtor allegedly admitted these dues on multiple occasions, including in Minutes
…The Respondent entered into an Agreement and…
The Petitioner executed part of the…