M/s OM Enterprises, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ravi Infrabuild Projects Private Limited, the corporate debtor, due to non-payment of operational dues. The applicant supplied construction materials to the corporate debtor between June 2020 and September 2021, for which an amount of Rs. 1,39,90,495.46 remained outstanding as of 24.05.2022. The corporate debtor claimed a dispute existed due to issues with the quality of materials supplied, stemming from a larger dispute with Welspun Enterprises Limited, the main contractor for the project.
M/s OM Enterprises (Operational Creditor) supplied construction materials to M/s Ravi Infrabuild Projects Pvt. Ltd. (Corporate Debtor) between June 2020 and September 2021. The total value of the supplied materials was Rs. 17,87,72,960.88. The Corporate Debtor made part-payments, but an amount of Rs. 1,12,53,832.03 remained outstanding. The Operational Creditor claimed a total default of Rs. 1,39,90,495.46 as of 24.05.2022, including interest at 18% per annum. The Operational Creditor issued a statutory notice dated 31.05.2022 under Section 8 of the IBC, which was received by the Corporate Debtor on 06.06.2022. The Corporate Debtor replied on 15.06.2022, stating that it had not received payments from M/s Welspun Enterprises Limited, justifying the non-payment. The
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Between June 2020 and September 2021, the…
As of 24.05.2022, an amount of Rs.…
M/s OM Enterprises, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ravi Infrabuild Projects Private Limited, the corporate debtor, due to non-payment of operational dues. The applicant supplied construction materials to the corporate debtor between June 2020 and September 2021, for which an amount of Rs. 1,39,90,495.46 remained outstanding as of 24.05.2022. The corporate debtor claimed a dispute existed due to issues with the quality of materials supplied, stemming from a larger dispute with Welspun Enterprises Limited, the main contractor for the project.
M/s OM Enterprises (Operational Creditor) supplied construction materials to M/s Ravi Infrabuild Projects Pvt. Ltd. (Corporate Debtor) between June 2020 and September 2021. The total value of the supplied materials was Rs. 17,87,72,960.88. The Corporate Debtor made part-payments, but an amount of Rs. 1,12,53,832.03 remained outstanding. The Operational Creditor claimed a total default of Rs. 1,39,90,495.46 as of 24.05.2022, including interest at 18% per annum. The Operational Creditor issued a statutory notice dated 31.05.2022 under Section 8 of the IBC, which was received by the Corporate Debtor on 06.06.2022. The Corporate Debtor replied on 15.06.2022, stating that it had not received payments from M/s Welspun Enterprises Limited, justifying the non-payment. The
…Between June 2020 and September 2021, the…
As of 24.05.2022, an amount of Rs.…