The case involves an application filed by SRV Techno Engineering Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Purvanchal Vidyut Vitran Nigam Ltd (Corporate Debtor) due to a default in payment of Rs. 4,43,42,607/-. The Corporate Debtor contested the application, claiming a pre-existing dispute and questioning the validity of the demand notice. The Operational Creditor argued that the Corporate Debtor had consistently evaded payment and that the dispute was raised only to avoid CIRP.
SRV Techno Engineering Pvt. Ltd. (SRV) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Purvanchal Vidyut Vitran Nigam Ltd (PuVVNL), claiming a default of Rs. 4,43,42,607/-. SRV had been contracted by PuVVNL for projects involving system improvement, strengthening, and augmentation of electricity supply in Kopaganj and Ghosi towns. SRV received Letters of Intent and orders for supply and erection work. Agreements were formalized on March 21, 2016, and May 10, 2016, for the Kopaganj and Ghosi projects, respectively. The Bill of Quantities (BOQ) for both projects was revised, and SRV submitted completion reports. SRV issued invoices totaling Rs. 7,38,13,510/- for Kopaganj and Rs. 6,72,24,553/- for Ghosi. PuVVNL made partial
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SRV received a Letter…
PuVVNL issued…
The case involves an application filed by SRV Techno Engineering Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Purvanchal Vidyut Vitran Nigam Ltd (Corporate Debtor) due to a default in payment of Rs. 4,43,42,607/-. The Corporate Debtor contested the application, claiming a pre-existing dispute and questioning the validity of the demand notice. The Operational Creditor argued that the Corporate Debtor had consistently evaded payment and that the dispute was raised only to avoid CIRP.
SRV Techno Engineering Pvt. Ltd. (SRV) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Purvanchal Vidyut Vitran Nigam Ltd (PuVVNL), claiming a default of Rs. 4,43,42,607/-. SRV had been contracted by PuVVNL for projects involving system improvement, strengthening, and augmentation of electricity supply in Kopaganj and Ghosi towns. SRV received Letters of Intent and orders for supply and erection work. Agreements were formalized on March 21, 2016, and May 10, 2016, for the Kopaganj and Ghosi projects, respectively. The Bill of Quantities (BOQ) for both projects was revised, and SRV submitted completion reports. SRV issued invoices totaling Rs. 7,38,13,510/- for Kopaganj and Rs. 6,72,24,553/- for Ghosi. PuVVNL made partial
…SRV received a Letter…
PuVVNL issued…