This case involves an application filed by Quality Heightcon Private Limited (Operational Creditor - OC) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against SQ Infrastructure Private Limited (Corporate Debtor - CD). The OC claimed a default of Rs. 13,23,88,147.00/- due to construction work done for the CD. The OC was appointed by the predecessor of the CD for the construction of the project "Sunshine Infinity".
Quality Heightcon Private Limited (OC) filed an application under Section 9 of the IBC to initiate CIRP against SQ Infrastructure Private Limited (CD) for a default of Rs. 13,23,88,147.00/-. The OC was appointed by the predecessor of the CD for construction work on the 'Sunshine Infinity' project. The OC raised invoices from 31.03.2015 to 15.06.2021. The CD withheld 2.5% of the invoice amount as retention money. The OC issued a Demand Notice on 28.01.2022, which the CD acknowledged on 29.01.2022. The CD admitted to the claim amount but cited economic difficulties due to inflation and the COVID-19 pandemic. The CD made a partial payment of Rs. 10,00,000/- on 03.03.2022 but did not deposit TDS. The predecessor of the CD transferred the 'Sunshine Infinity Project' to the
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The Corporate Debtor issued a Work Order to the…
The Corporate Debtor issued a Work Order to the…
This case involves an application filed by Quality Heightcon Private Limited (Operational Creditor - OC) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against SQ Infrastructure Private Limited (Corporate Debtor - CD). The OC claimed a default of Rs. 13,23,88,147.00/- due to construction work done for the CD. The OC was appointed by the predecessor of the CD for the construction of the project "Sunshine Infinity".
Quality Heightcon Private Limited (OC) filed an application under Section 9 of the IBC to initiate CIRP against SQ Infrastructure Private Limited (CD) for a default of Rs. 13,23,88,147.00/-. The OC was appointed by the predecessor of the CD for construction work on the 'Sunshine Infinity' project. The OC raised invoices from 31.03.2015 to 15.06.2021. The CD withheld 2.5% of the invoice amount as retention money. The OC issued a Demand Notice on 28.01.2022, which the CD acknowledged on 29.01.2022. The CD admitted to the claim amount but cited economic difficulties due to inflation and the COVID-19 pandemic. The CD made a partial payment of Rs. 10,00,000/- on 03.03.2022 but did not deposit TDS. The predecessor of the CD transferred the 'Sunshine Infinity Project' to the
…The Corporate Debtor issued a Work Order to the…
The Corporate Debtor issued a Work Order to the…