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, 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 operational creditor had provided civil and structural work for the corporate debtor's proposed formulation plant at Visakhapatnam based on a Letter of Intent issued by the corporate debtor.
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, 2016, claiming an outstanding debt of Rs. 9,51,28,800/- plus interest. The debt arose from civil and structural work done by Atifa Constructions for Neoska Pharma's proposed formulation plant in Visakhapatnam, based on a Letter of Intent (LI) issued on 23.10.2018. Invoices were raised for work done between 02.03.2019 and 15.05.2020, totaling Rs. 26,03,64,186/-, of which Rs. 18,72,58,867/- was paid. The remaining amount was not paid despite reminders. The Operational Creditor could not raise an invoice for Rs.2,20,23,483/- due to suo motu cancellation of GSTIN/UIN. The Corporate Debtor acknowledged
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Neoska Pharma Pvt Ltd issued a Letter of Intent…
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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, 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 operational creditor had provided civil and structural work for the corporate debtor's proposed formulation plant at Visakhapatnam based on a Letter of Intent issued by the corporate debtor.
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, 2016, claiming an outstanding debt of Rs. 9,51,28,800/- plus interest. The debt arose from civil and structural work done by Atifa Constructions for Neoska Pharma's proposed formulation plant in Visakhapatnam, based on a Letter of Intent (LI) issued on 23.10.2018. Invoices were raised for work done between 02.03.2019 and 15.05.2020, totaling Rs. 26,03,64,186/-, of which Rs. 18,72,58,867/- was paid. The remaining amount was not paid despite reminders. The Operational Creditor could not raise an invoice for Rs.2,20,23,483/- due to suo motu cancellation of GSTIN/UIN. The Corporate Debtor acknowledged
…Neoska Pharma Pvt Ltd issued a Letter of Intent…
Start date of the…