The case involves an application filed by Atifa Constructions Pvt Ltd, an operational creditor, against Neoska Pharma Pvt Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor claimed an outstanding amount of Rs. 9,51,28,800 along with interest at 18% per annum from the date of default. The corporate debtor had issued a Letter of Intent to the operational creditor for civil and structural work at its Visakhapatnam plant. The operational creditor raised invoices for the work done, and the corporate debtor made a partial payment but failed to pay the remaining amount. Despite reminders, the corporate debtor failed to pay the outstanding amount, leading the operational creditor to issue a demand notice and
…Atifa Constructions Pvt Ltd (Operational Creditor) filed a petition against Neoska Pharma Pvt Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, claiming an outstanding debt of Rs. 9,51,28,800/- along with 18% interest per annum. Neoska Pharma had issued a Letter of Intent (LI) on 23.10.2018 to Atifa Constructions for civil and structural work at its Visakhapatnam plant. Atifa Constructions raised invoices from 02.03.2019 to 15.05.2020, totaling Rs. 26,03,64,186/-. Neoska Pharma made a part payment of Rs. 18,72,58,867/- but failed to pay the remaining amount. Atifa Constructions issued reminders, but Neoska Pharma failed to pay. A demand notice was issued on 10.08.2021 and served on 16.08.2021. Neoska Pharma acknowledged the debt
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Neoska Pharma Pvt Ltd issued a Letter of Intent…
Atifa Constructions Pvt…
The case involves an application filed by Atifa Constructions Pvt Ltd, an operational creditor, against Neoska Pharma Pvt Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor claimed an outstanding amount of Rs. 9,51,28,800 along with interest at 18% per annum from the date of default. The corporate debtor had issued a Letter of Intent to the operational creditor for civil and structural work at its Visakhapatnam plant. The operational creditor raised invoices for the work done, and the corporate debtor made a partial payment but failed to pay the remaining amount. Despite reminders, the corporate debtor failed to pay the outstanding amount, leading the operational creditor to issue a demand notice and
…Atifa Constructions Pvt Ltd (Operational Creditor) filed a petition against Neoska Pharma Pvt Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, claiming an outstanding debt of Rs. 9,51,28,800/- along with 18% interest per annum. Neoska Pharma had issued a Letter of Intent (LI) on 23.10.2018 to Atifa Constructions for civil and structural work at its Visakhapatnam plant. Atifa Constructions raised invoices from 02.03.2019 to 15.05.2020, totaling Rs. 26,03,64,186/-. Neoska Pharma made a part payment of Rs. 18,72,58,867/- but failed to pay the remaining amount. Atifa Constructions issued reminders, but Neoska Pharma failed to pay. A demand notice was issued on 10.08.2021 and served on 16.08.2021. Neoska Pharma acknowledged the debt
…Neoska Pharma Pvt Ltd issued a Letter of Intent…
Atifa Constructions Pvt…