The case involves an application filed by M/s. R.K. Lala, an operational creditor (OC), under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Ramky Infrastructure Limited, the corporate debtor (CD). The OC claimed an operational debt of Rs. 1,71,51,528/- which allegedly fell due on 31.08.2020. The CD secured a contract in 2010 for the construction of a Medical College in Raigarh and subcontracted the electrical work to the OC in 2012. As per the agreement, the OC was required to provide a bank guarantee, but instead, a 5% deduction was made from the running and final bills. The CD was to repay 50% of the deducted amount two years after completion and the remaining 50% three years after
…In 2010, Ramky Infrastructure Limited (Corporate Debtor/CD) secured a contract for constructing a Medical College in Raigarh, Chhattisgarh. On 21.03.2012, the CD subcontracted the electrical work to R.K. Lala (Operational Creditor/OC). The OC was to provide a bank guarantee of 5% of the gross bill, but instead, consented to a 5% deduction from running and final bills. The CD was to repay 50% of the deducted amount two years after work completion and the remaining 50% three years after. The work was completed on 31.08.2017. The OC claims Rs. 1,71,51,528/- was due on 31.08.2020. The OC sent emails on 20.02.2020 and 01.10.2021 requesting release of Rs. 1,01,51,528/-. Following the CD's default, the OC issued a demand notice on 21.04.2022, which the CD received on
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Ramky Infrastructure Limited secured a contract…
Ramky Infrastructure…
The case involves an application filed by M/s. R.K. Lala, an operational creditor (OC), under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Ramky Infrastructure Limited, the corporate debtor (CD). The OC claimed an operational debt of Rs. 1,71,51,528/- which allegedly fell due on 31.08.2020. The CD secured a contract in 2010 for the construction of a Medical College in Raigarh and subcontracted the electrical work to the OC in 2012. As per the agreement, the OC was required to provide a bank guarantee, but instead, a 5% deduction was made from the running and final bills. The CD was to repay 50% of the deducted amount two years after completion and the remaining 50% three years after
…In 2010, Ramky Infrastructure Limited (Corporate Debtor/CD) secured a contract for constructing a Medical College in Raigarh, Chhattisgarh. On 21.03.2012, the CD subcontracted the electrical work to R.K. Lala (Operational Creditor/OC). The OC was to provide a bank guarantee of 5% of the gross bill, but instead, consented to a 5% deduction from running and final bills. The CD was to repay 50% of the deducted amount two years after work completion and the remaining 50% three years after. The work was completed on 31.08.2017. The OC claims Rs. 1,71,51,528/- was due on 31.08.2020. The OC sent emails on 20.02.2020 and 01.10.2021 requesting release of Rs. 1,01,51,528/-. Following the CD's default, the OC issued a demand notice on 21.04.2022, which the CD received on
…Ramky Infrastructure Limited secured a contract…
Ramky Infrastructure…