Akshaya Engineering Works Pvt. Ltd. filed a company petition on 16.03.2022 under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Pravin Electricals Pvt. Ltd. The operational debt claimed was Rs. 1,54,41,822.89, comprising Rs. 1,14,95,055.47 for outstanding invoices and Rs. 39,46,767.43 for interest at 16.74% until 14.12.2021. Akshaya Engineering Works is a registered Micro, Small and Medium Enterprise, acting as a sub-contractor to Pravin Electricals, the main contractor. The dispute arose from alleged non-payment of invoices for services provided under contract agreements related to the installation of electrical equipment.
Akshaya Engineering Works Pvt. Ltd. (Operational Creditor) filed a petition against Pravin Electricals Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming an operational debt of Rs. 1,54,41,822.89. The debt comprised outstanding invoice payments of Rs. 1,14,95,055.47 and interest of Rs. 39,46,767.43 until 14.12.2021. Akshaya Engineering is a registered MSME and acted as a sub-contractor to Pravin Electricals for electrical equipment installation. The contracts were awarded by Maharashtra State Electricity Distribution Company Ltd. (MSEDCL). Seventeen invoices were raised between 31.10.2018 and 18.10.2019. The Operational Creditor claims the first default occurred on 22.11.2018. The Corporate Debtor acknowledged the
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Contract Agreements…
The first invoice was…
Akshaya Engineering Works Pvt. Ltd. filed a company petition on 16.03.2022 under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Pravin Electricals Pvt. Ltd. The operational debt claimed was Rs. 1,54,41,822.89, comprising Rs. 1,14,95,055.47 for outstanding invoices and Rs. 39,46,767.43 for interest at 16.74% until 14.12.2021. Akshaya Engineering Works is a registered Micro, Small and Medium Enterprise, acting as a sub-contractor to Pravin Electricals, the main contractor. The dispute arose from alleged non-payment of invoices for services provided under contract agreements related to the installation of electrical equipment.
Akshaya Engineering Works Pvt. Ltd. (Operational Creditor) filed a petition against Pravin Electricals Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming an operational debt of Rs. 1,54,41,822.89. The debt comprised outstanding invoice payments of Rs. 1,14,95,055.47 and interest of Rs. 39,46,767.43 until 14.12.2021. Akshaya Engineering is a registered MSME and acted as a sub-contractor to Pravin Electricals for electrical equipment installation. The contracts were awarded by Maharashtra State Electricity Distribution Company Ltd. (MSEDCL). Seventeen invoices were raised between 31.10.2018 and 18.10.2019. The Operational Creditor claims the first default occurred on 22.11.2018. The Corporate Debtor acknowledged the
…Contract Agreements…
The first invoice was…