Leighton India Contractors Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Radius Project Developers LLP, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition alleges that Radius Project Developers LLP defaulted on payments amounting to Rs. 5,91,30,901/-. The Operational Creditor and Corporate Debtor had executed a Project Alliance Agreement dated 2017-11-14 for construction work on two residential towers. The Operational Creditor submitted 21 invoices totaling Rs. 46,84,40,899/-, out of which Rs. 40,93,10,000/- was paid. The Corporate Debtor denied the allegations, claiming a pre-existing dispute regarding the services rendered.
Leighton India Contractors Private Limited (Operational Creditor) and Radius Project Developers LLP (Corporate Debtor) entered into a Project Alliance Agreement on 2017-11-14 for construction work on two residential towers in Mumbai. The Operational Creditor raised 21 invoices totaling Rs. 46,84,40,899/- until 2020-03-01, for services rendered. The Corporate Debtor paid Rs. 40,93,10,000/-, leaving an outstanding amount of Rs. 5,91,30,901/-. The Operational Creditor claimed that the Corporate Debtor failed to pay invoices dated 2019-03-29, 2019-05-09, and 2019-12-02. The Operational Creditor served a Statutory Demand Notice dated 2020-06-22. The Corporate Debtor alleged a pre-existing dispute regarding the quality of services, citing emails exchanged between the
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Leighton India Contractors Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Radius Project Developers LLP, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition alleges that Radius Project Developers LLP defaulted on payments amounting to Rs. 5,91,30,901/-. The Operational Creditor and Corporate Debtor had executed a Project Alliance Agreement dated 2017-11-14 for construction work on two residential towers. The Operational Creditor submitted 21 invoices totaling Rs. 46,84,40,899/-, out of which Rs. 40,93,10,000/- was paid. The Corporate Debtor denied the allegations, claiming a pre-existing dispute regarding the services rendered.
Leighton India Contractors Private Limited (Operational Creditor) and Radius Project Developers LLP (Corporate Debtor) entered into a Project Alliance Agreement on 2017-11-14 for construction work on two residential towers in Mumbai. The Operational Creditor raised 21 invoices totaling Rs. 46,84,40,899/- until 2020-03-01, for services rendered. The Corporate Debtor paid Rs. 40,93,10,000/-, leaving an outstanding amount of Rs. 5,91,30,901/-. The Operational Creditor claimed that the Corporate Debtor failed to pay invoices dated 2019-03-29, 2019-05-09, and 2019-12-02. The Operational Creditor served a Statutory Demand Notice dated 2020-06-22. The Corporate Debtor alleged a pre-existing dispute regarding the quality of services, citing emails exchanged between the
…The Corporate Debtor…
The Operational…