The case involves a Company Petition (IB/162/2021) filed by PRG Buildcon India Pvt Ltd (Petitioner) against Ridhima Estates Pvt Ltd (Respondent) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Petitioner sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Respondent for alleged default in discharging a debt. The Respondent had approached the Petitioner for the supply of 30 Tippers/Dumpers for a total consideration of Rs.7.70 crores, leading to a Memorandum of Understanding (MoU) dated 29.11.2018. The vehicles were originally bought by the Petitioner under financing agreements with Tata Motors Finance Limited, SREI Equipment Finance Limited & Kotak Mahindra Bank. The Respondent allegedly defaulted on its obligations,
…PRG Buildcon India Pvt Ltd (Petitioner) and Ridhima Estates Pvt Ltd (Respondent) are companies owned by two brothers, Guniganti Prabhakar Rao and Guniganti Ravinder Rao, respectively. The Petitioner acquired 30 Tippers/Dumpers between May-July 2017 under a financing arrangement. The invoice value of these Tippers/Dumpers was Rs.10,28,61,280/-, and the agreed value was Rs.7,70,00,000/-. On 29.11.2018, the Petitioner handed over 20 Tippers/Dumpers to the Respondent, followed by another 10 Tippers/Dumpers on 11.12.2018 and 21.12.2018. The Respondent paid Rs.4,45,90,627/- as principal and Rs.73,82,188/- towards bank interest, totaling Rs.5,19,72,815/-. The Petitioner claimed Rs.3,89,21,561/- as receivable from the Respondent. The Respondent acknowledged a sum of
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The case involves a Company Petition (IB/162/2021) filed by PRG Buildcon India Pvt Ltd (Petitioner) against Ridhima Estates Pvt Ltd (Respondent) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Petitioner sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Respondent for alleged default in discharging a debt. The Respondent had approached the Petitioner for the supply of 30 Tippers/Dumpers for a total consideration of Rs.7.70 crores, leading to a Memorandum of Understanding (MoU) dated 29.11.2018. The vehicles were originally bought by the Petitioner under financing agreements with Tata Motors Finance Limited, SREI Equipment Finance Limited & Kotak Mahindra Bank. The Respondent allegedly defaulted on its obligations,
…PRG Buildcon India Pvt Ltd (Petitioner) and Ridhima Estates Pvt Ltd (Respondent) are companies owned by two brothers, Guniganti Prabhakar Rao and Guniganti Ravinder Rao, respectively. The Petitioner acquired 30 Tippers/Dumpers between May-July 2017 under a financing arrangement. The invoice value of these Tippers/Dumpers was Rs.10,28,61,280/-, and the agreed value was Rs.7,70,00,000/-. On 29.11.2018, the Petitioner handed over 20 Tippers/Dumpers to the Respondent, followed by another 10 Tippers/Dumpers on 11.12.2018 and 21.12.2018. The Respondent paid Rs.4,45,90,627/- as principal and Rs.73,82,188/- towards bank interest, totaling Rs.5,19,72,815/-. The Petitioner claimed Rs.3,89,21,561/- as receivable from the Respondent. The Respondent acknowledged a sum of
…Petitioner acquired 30…
Petitioner handed over…