The case involves a Company Petition filed by AB & Co. Global Pvt Ltd (Operational Creditor) against Seth Developers Pvt Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an outstanding operational debt of Rs. 10,00,089/-. The Corporate Debtor disputed the claim, alleging defects in the civil works executed by the Operational Creditor and invoking an arbitration clause. The Company Petition was originally filed before the Bombay High Court as Company Petition No. 293 of 2016 under Sections 433 and 434 of the Companies Act, 1956, and was subsequently transferred to the National Company Law Tribunal (NCLT), Mumbai Bench.
AB & Co. Global Pvt Ltd (Operational Creditor) filed a Company Petition against Seth Developers Pvt Ltd (Corporate Debtor) claiming an outstanding operational debt of Rs. 10,00,089/-. The debt arose from civil labour work carried out by the Operational Creditor for the Corporate Debtor, pursuant to a work order dated 20.11.2014. The Operational Creditor raised two invoices dated 17.02.2015 for a total of Rs. 15,95,374/-, against which the Corporate Debtor made a part payment of Rs. 9,82,200/-, leaving a balance of Rs. 6,13,174/-. The Operational Creditor sent a statutory notice dated 15.10.2015, demanding payment of Rs. 8,51,052/- inclusive of interest. The Corporate Debtor failed to make the payment. The Corporate Debtor disputed the claim, alleging defects in the
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Respondent company entered into a contract…
The Petitioner raised…
The case involves a Company Petition filed by AB & Co. Global Pvt Ltd (Operational Creditor) against Seth Developers Pvt Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an outstanding operational debt of Rs. 10,00,089/-. The Corporate Debtor disputed the claim, alleging defects in the civil works executed by the Operational Creditor and invoking an arbitration clause. The Company Petition was originally filed before the Bombay High Court as Company Petition No. 293 of 2016 under Sections 433 and 434 of the Companies Act, 1956, and was subsequently transferred to the National Company Law Tribunal (NCLT), Mumbai Bench.
AB & Co. Global Pvt Ltd (Operational Creditor) filed a Company Petition against Seth Developers Pvt Ltd (Corporate Debtor) claiming an outstanding operational debt of Rs. 10,00,089/-. The debt arose from civil labour work carried out by the Operational Creditor for the Corporate Debtor, pursuant to a work order dated 20.11.2014. The Operational Creditor raised two invoices dated 17.02.2015 for a total of Rs. 15,95,374/-, against which the Corporate Debtor made a part payment of Rs. 9,82,200/-, leaving a balance of Rs. 6,13,174/-. The Operational Creditor sent a statutory notice dated 15.10.2015, demanding payment of Rs. 8,51,052/- inclusive of interest. The Corporate Debtor failed to make the payment. The Corporate Debtor disputed the claim, alleging defects in the
…Respondent company entered into a contract…
The Petitioner raised…