Ksheeraabd Constructions Private Limited, the Operational Creditor (OC), filed a Company Petition (CP (IB) No. 185/MB/2019) on 14.01.2019 under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Reliance Infrastructure Limited, the Corporate Debtor (CD). The OC claimed a default amount of Rs. 35.80 Crore based on services provided for the construction of the Pune-Satara Section of National Highway (NH)-4. The CD contested the application, citing pre-existing disputes and ongoing arbitration proceedings.
Ksheeraabd Constructions Private Limited (OC) filed an application under Section 9 of the IBC to initiate CIRP against Reliance Infrastructure Limited (CD) for a default of Rs. 35.80 Crore. The OC's claim arose from a Construction Agreement dated 04.04.2011 for the Pune-Satara National Highway (NH)-4 project. The OC alleged that the CD defaulted on payments, including retention amounts, royalty dues, and outstanding invoices. The CD invoked bank guarantees furnished by the OC. The OC initiated arbitration proceedings against the CD's invocation of bank guarantees. The OC issued a demand notice dated 31.10.2018 under Section 8 of the IBC. The CD replied on 05.11.2018, denying liability due to pre-existing disputes and pending arbitration. The OC filed the CIRP
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Construction Agreement between Ksheeraabd…
CD issued IPC Nos. 85 and 86 during…
Ksheeraabd Constructions Private Limited, the Operational Creditor (OC), filed a Company Petition (CP (IB) No. 185/MB/2019) on 14.01.2019 under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Reliance Infrastructure Limited, the Corporate Debtor (CD). The OC claimed a default amount of Rs. 35.80 Crore based on services provided for the construction of the Pune-Satara Section of National Highway (NH)-4. The CD contested the application, citing pre-existing disputes and ongoing arbitration proceedings.
Ksheeraabd Constructions Private Limited (OC) filed an application under Section 9 of the IBC to initiate CIRP against Reliance Infrastructure Limited (CD) for a default of Rs. 35.80 Crore. The OC's claim arose from a Construction Agreement dated 04.04.2011 for the Pune-Satara National Highway (NH)-4 project. The OC alleged that the CD defaulted on payments, including retention amounts, royalty dues, and outstanding invoices. The CD invoked bank guarantees furnished by the OC. The OC initiated arbitration proceedings against the CD's invocation of bank guarantees. The OC issued a demand notice dated 31.10.2018 under Section 8 of the IBC. The CD replied on 05.11.2018, denying liability due to pre-existing disputes and pending arbitration. The OC filed the CIRP
…Construction Agreement between Ksheeraabd…
CD issued IPC Nos. 85 and 86 during…