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 IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Respondent for an alleged default in discharging a debt. The Petitioner claimed that the Respondent had approached them 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 Respondent allegedly defaulted on its obligations, leading to the application for CIRP.
PRG Buildcon India Pvt Ltd (Petitioner) filed a petition against Ridhima Estates Pvt Ltd (Respondent) under Section 9 of the IBC, claiming a default on debt related to the supply of 30 Tippers/Dumpers. The Petitioner and Respondent entered into a Memorandum of Understanding (MoU) on 29.11.2018 for the supply of these vehicles for Rs.7.70 crores. 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 was to disburse Rs.4,60,78,227/- to the Financers and Rs.3,09,21,773/- to the Petitioner by February 2019. The Respondent defaulted on its obligations, leading to the Petitioner requesting payment. The Petitioner claimed the Respondent owed
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Memorandum of Understanding (MoU) entered into…
Deadline for Ridhima Estates Pvt Ltd to…
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 IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Respondent for an alleged default in discharging a debt. The Petitioner claimed that the Respondent had approached them 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 Respondent allegedly defaulted on its obligations, leading to the application for CIRP.
PRG Buildcon India Pvt Ltd (Petitioner) filed a petition against Ridhima Estates Pvt Ltd (Respondent) under Section 9 of the IBC, claiming a default on debt related to the supply of 30 Tippers/Dumpers. The Petitioner and Respondent entered into a Memorandum of Understanding (MoU) on 29.11.2018 for the supply of these vehicles for Rs.7.70 crores. 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 was to disburse Rs.4,60,78,227/- to the Financers and Rs.3,09,21,773/- to the Petitioner by February 2019. The Respondent defaulted on its obligations, leading to the Petitioner requesting payment. The Petitioner claimed the Respondent owed
…Memorandum of Understanding (MoU) entered into…
Deadline for Ridhima Estates Pvt Ltd to…