APS Hydro Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against SRK Constructions and Projects Private Limited, the corporate debtor, for failing to discharge a debt of Rs. 114,66,18,008/-. The debt arose from subcontracted work orders for rehabilitation and upgradation of highway projects. The operational creditor claimed to have successfully completed the work as per the agreements and raised invoices amounting to Rs. 228,94,80,577/-, out of which Rs. 97,27,91,633/- remained unpaid. The corporate debtor contested the application, alleging that the operational creditor had breached the terms of the work orders, failed to
…APS Hydro Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SRK Constructions and Projects Private Limited (Corporate Debtor). The claim was for Rs. 114,66,18,008/-, including a principal amount of Rs. 97,27,91,633/- and interest, arising from subcontracted work orders for highway projects. The Operational Creditor claimed to have completed the work as per the agreements and raised invoices amounting to Rs. 228,94,80,577/-, but the Corporate Debtor failed to pay the outstanding amount. The Corporate Debtor argued that the Operational Creditor breached the terms of the work orders, failed to complete the projects on time, and caused damages to its plant and machinery. The Corporate Debtor also
…Sign in to view the parties.
Corporate Debtor issued a legal notice to the…
Operational Creditor issued a demand notice to…
APS Hydro Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against SRK Constructions and Projects Private Limited, the corporate debtor, for failing to discharge a debt of Rs. 114,66,18,008/-. The debt arose from subcontracted work orders for rehabilitation and upgradation of highway projects. The operational creditor claimed to have successfully completed the work as per the agreements and raised invoices amounting to Rs. 228,94,80,577/-, out of which Rs. 97,27,91,633/- remained unpaid. The corporate debtor contested the application, alleging that the operational creditor had breached the terms of the work orders, failed to
…APS Hydro Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SRK Constructions and Projects Private Limited (Corporate Debtor). The claim was for Rs. 114,66,18,008/-, including a principal amount of Rs. 97,27,91,633/- and interest, arising from subcontracted work orders for highway projects. The Operational Creditor claimed to have completed the work as per the agreements and raised invoices amounting to Rs. 228,94,80,577/-, but the Corporate Debtor failed to pay the outstanding amount. The Corporate Debtor argued that the Operational Creditor breached the terms of the work orders, failed to complete the projects on time, and caused damages to its plant and machinery. The Corporate Debtor also
…Corporate Debtor issued a legal notice to the…
Operational Creditor issued a demand notice to…