The case involves an application filed by Sree Vinayaka Buildwell Projects Private Limited (Operational Creditor/Petitioner) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against NEL Holdings Limited (Corporate Debtor/Respondent). The Operational Creditor claims a default amount of Rs. 26,37,269.50/- due towards a work order dated 20.07.2011. The Corporate Debtor opposed the petition, citing pre-existing disputes regarding the quality of work and limitation issues. The Corporate Debtor also argued that the petition was filed to coerce payment of disputed sums and was legally unenforceable.
Sree Vinayaka Buildwell Projects Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against NEL Holdings Limited (Corporate Debtor) for a default amount of Rs. 26,37,269.50/-. The debt arose from a work order dated 20.07.2011 for water proofing work at 'Nitesh Flushing Meadows' and a retention amount related to 'Nitesh Logos' project. The Corporate Debtor argued that there were pre-existing disputes regarding the quality of work, that the petition was barred by limitation, and that the Operational Creditor was not the party to the original work order. The Corporate Debtor also claimed that the Operational Creditor had failed to rectify defective work and had been reminded to do so via emails. The
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Work Order No. NEL/NFM/July-2011/0238 issued…
Operational Creditor…
The case involves an application filed by Sree Vinayaka Buildwell Projects Private Limited (Operational Creditor/Petitioner) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against NEL Holdings Limited (Corporate Debtor/Respondent). The Operational Creditor claims a default amount of Rs. 26,37,269.50/- due towards a work order dated 20.07.2011. The Corporate Debtor opposed the petition, citing pre-existing disputes regarding the quality of work and limitation issues. The Corporate Debtor also argued that the petition was filed to coerce payment of disputed sums and was legally unenforceable.
Sree Vinayaka Buildwell Projects Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against NEL Holdings Limited (Corporate Debtor) for a default amount of Rs. 26,37,269.50/-. The debt arose from a work order dated 20.07.2011 for water proofing work at 'Nitesh Flushing Meadows' and a retention amount related to 'Nitesh Logos' project. The Corporate Debtor argued that there were pre-existing disputes regarding the quality of work, that the petition was barred by limitation, and that the Operational Creditor was not the party to the original work order. The Corporate Debtor also claimed that the Operational Creditor had failed to rectify defective work and had been reminded to do so via emails. The
…Work Order No. NEL/NFM/July-2011/0238 issued…
Operational Creditor…