Innovators Facade Solutions Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Pasari Multiprojects Private Limited, claiming default of Rs. 4,75,70,047. The Operational Creditor and Corporate Debtor entered into an agreement for unitized facade system works for the Corporate Debtor's project. The Operational Creditor started work in July 2015 and raised several invoices. The Corporate Debtor failed to discharge the dues, leading to the issuance of a demand notice by the Operational Creditor. The Corporate Debtor contended that there were pre-existing disputes and that the application was not maintainable.
Innovators Facade Solutions Private Limited (Operational Creditor) filed a petition against Pasari Multiprojects Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 4,75,70,047. The Operational Creditor and Corporate Debtor entered into an agreement for unitized facade system works for the Corporate Debtor's project named Biowonder. A Letter of Intent (LOI) dated 09 July, 2015, outlined the terms, including a total project value of Rs. 10,68,79,250. The Operational Creditor commenced work in July 2015 and raised several invoices. The Corporate Debtor made partial payments totaling Rs. 5,51,56,183, leaving an outstanding balance. The Operational Creditor issued a demand notice on 12 February, 2019,
…Sign in to view the parties.
Corporate Debtor issued…
Operational Creditor…
Innovators Facade Solutions Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Pasari Multiprojects Private Limited, claiming default of Rs. 4,75,70,047. The Operational Creditor and Corporate Debtor entered into an agreement for unitized facade system works for the Corporate Debtor's project. The Operational Creditor started work in July 2015 and raised several invoices. The Corporate Debtor failed to discharge the dues, leading to the issuance of a demand notice by the Operational Creditor. The Corporate Debtor contended that there were pre-existing disputes and that the application was not maintainable.
Innovators Facade Solutions Private Limited (Operational Creditor) filed a petition against Pasari Multiprojects Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 4,75,70,047. The Operational Creditor and Corporate Debtor entered into an agreement for unitized facade system works for the Corporate Debtor's project named Biowonder. A Letter of Intent (LOI) dated 09 July, 2015, outlined the terms, including a total project value of Rs. 10,68,79,250. The Operational Creditor commenced work in July 2015 and raised several invoices. The Corporate Debtor made partial payments totaling Rs. 5,51,56,183, leaving an outstanding balance. The Operational Creditor issued a demand notice on 12 February, 2019,
…Corporate Debtor issued…
Operational Creditor…