This case involves an application filed by Ganesh Ramkisan Rajale, the Operational Creditor and sole proprietor of M/s. Swaraj Construction, against Panchtatwa Milk Industries Private Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code 2016. The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) due to the Corporate Debtor's default in payment of outstanding dues amounting to INR 10,75,62,728/-. The Operational Creditor claims to have completed civil construction work for setting up a milk plant for the Corporate Debtor, raising invoices for INR 11,76,46,000/-, out of which only INR 1,00,83,272/- was paid.
Ganesh Ramkisan Rajale, the sole proprietor of M/s. Swaraj Construction, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Panchtatwa Milk Industries Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). Swaraj Construction carried out civil construction work for Panchtatwa Milk Industries, setting up their milk plant, based on a work agreement dated 02.12.2021. The total value of work was Rs. 11,76,00,000. The Operational Creditor raised invoices totaling INR 11,76,46,000/- until 12.05.2023. The Corporate Debtor made payments totaling INR 1,00,83,272/-, with the last payment on 04.03.2024. A demand notice dated 31.03.2024 was issued by the Operational Creditor for the outstanding debt of INR
…Sign in to view the parties.
A Work Agreement was…
The Operational…
This case involves an application filed by Ganesh Ramkisan Rajale, the Operational Creditor and sole proprietor of M/s. Swaraj Construction, against Panchtatwa Milk Industries Private Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code 2016. The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) due to the Corporate Debtor's default in payment of outstanding dues amounting to INR 10,75,62,728/-. The Operational Creditor claims to have completed civil construction work for setting up a milk plant for the Corporate Debtor, raising invoices for INR 11,76,46,000/-, out of which only INR 1,00,83,272/- was paid.
Ganesh Ramkisan Rajale, the sole proprietor of M/s. Swaraj Construction, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Panchtatwa Milk Industries Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). Swaraj Construction carried out civil construction work for Panchtatwa Milk Industries, setting up their milk plant, based on a work agreement dated 02.12.2021. The total value of work was Rs. 11,76,00,000. The Operational Creditor raised invoices totaling INR 11,76,46,000/- until 12.05.2023. The Corporate Debtor made payments totaling INR 1,00,83,272/-, with the last payment on 04.03.2024. A demand notice dated 31.03.2024 was issued by the Operational Creditor for the outstanding debt of INR
…A Work Agreement was…
The Operational…