This case involves an application filed by Amit Infra-Logic (India) Private Limited, the Operational Creditor (OC), under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against Radius & Deserve Builders LLP, the Corporate Debtor (CD). The OC is in the business of manufacturing and supplying Ready-Mix Concrete (RMC), while the CD is in the construction business. The OC claimed that an amount of Rs. 8,29,19,331/- was due from the CD based on a tripartite agreement dated 13.07.2019 involving the OC, Capacite Infraprojects Limited, and the CD. The amount claimed included the cost of RMC supplied and idling charges incurred on the RMC plant.
Amit Infra-Logic (India) Private Limited (OC) filed an application under Section 9 of the IBC to initiate CIRP against Radius & Deserve Builders LLP (CD). The OC claimed a debt of Rs. 8,29,19,331/- arising from a tripartite agreement dated 13.07.2019 between the OC, Capacite Infraprojects Limited, and the CD. The debt included the cost of RMC supplied and idling charges. Capacite Infraprojects Limited awarded the CD a contract to construct 16 buildings under a Slum Redevelopment Authority (SRA) scheme. The CD issued a work order to the OC on 06.11.2015 for setting up an RMC plant. The CD allocated an area to the OC for setting up the RMC plant on 04.12.2019. The CD handed over ten post-dated cheques (PDCs) to the OC as per a payment schedule, but later asked the OC
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Capacite Infraprojects…
The Work Ord…
This case involves an application filed by Amit Infra-Logic (India) Private Limited, the Operational Creditor (OC), under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against Radius & Deserve Builders LLP, the Corporate Debtor (CD). The OC is in the business of manufacturing and supplying Ready-Mix Concrete (RMC), while the CD is in the construction business. The OC claimed that an amount of Rs. 8,29,19,331/- was due from the CD based on a tripartite agreement dated 13.07.2019 involving the OC, Capacite Infraprojects Limited, and the CD. The amount claimed included the cost of RMC supplied and idling charges incurred on the RMC plant.
Amit Infra-Logic (India) Private Limited (OC) filed an application under Section 9 of the IBC to initiate CIRP against Radius & Deserve Builders LLP (CD). The OC claimed a debt of Rs. 8,29,19,331/- arising from a tripartite agreement dated 13.07.2019 between the OC, Capacite Infraprojects Limited, and the CD. The debt included the cost of RMC supplied and idling charges. Capacite Infraprojects Limited awarded the CD a contract to construct 16 buildings under a Slum Redevelopment Authority (SRA) scheme. The CD issued a work order to the OC on 06.11.2015 for setting up an RMC plant. The CD allocated an area to the OC for setting up the RMC plant on 04.12.2019. The CD handed over ten post-dated cheques (PDCs) to the OC as per a payment schedule, but later asked the OC
…Capacite Infraprojects…
The Work Ord…