VISHWA GREEN REALTORS PRIVATE LIMITED, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against SUHEM FACADES PRIVATE LIMITED, the Corporate Debtor, for an amount of Rs. 3,04,72,487 with an 18% interest rate. The Operational Creditor claimed that the amount due was an advance paid towards a works contract awarded to the Corporate Debtor for engineering, fabrication, supply, and installation of façade works for a proposed tower. The Corporate Debtor denied the allegations, stating that the contract did not contain a termination clause and that substantial work had been completed.
VISHWA GREEN REALTORS PRIVATE LIMITED (Operational Creditor) filed a petition against SUHEM FACADES PRIVATE LIMITED (Corporate Debtor) under Section 9 of the IBC, seeking to initiate CIRP. The Operational Creditor claimed Rs. 3,04,72,487 with 18% interest, stating it was an advance for a works contract. The Corporate Debtor was to provide engineering, fabrication, supply, and installation of façade works for a tower, with a total contract value of Rs. 10.30 Crores. The Operational Creditor paid Rs. 3,65,42,987 between 2019-01-23 and 2020-02-18. The Operational Creditor terminated the contract on 2020-03-16, citing poor performance. The Corporate Debtor, in its reply dated 2020-03-27, denied the allegations, stating the contract lacked a termination clause and
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VISHWA GREEN REALTORS PRIVATE LIMITED, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against SUHEM FACADES PRIVATE LIMITED, the Corporate Debtor, for an amount of Rs. 3,04,72,487 with an 18% interest rate. The Operational Creditor claimed that the amount due was an advance paid towards a works contract awarded to the Corporate Debtor for engineering, fabrication, supply, and installation of façade works for a proposed tower. The Corporate Debtor denied the allegations, stating that the contract did not contain a termination clause and that substantial work had been completed.
VISHWA GREEN REALTORS PRIVATE LIMITED (Operational Creditor) filed a petition against SUHEM FACADES PRIVATE LIMITED (Corporate Debtor) under Section 9 of the IBC, seeking to initiate CIRP. The Operational Creditor claimed Rs. 3,04,72,487 with 18% interest, stating it was an advance for a works contract. The Corporate Debtor was to provide engineering, fabrication, supply, and installation of façade works for a tower, with a total contract value of Rs. 10.30 Crores. The Operational Creditor paid Rs. 3,65,42,987 between 2019-01-23 and 2020-02-18. The Operational Creditor terminated the contract on 2020-03-16, citing poor performance. The Corporate Debtor, in its reply dated 2020-03-27, denied the allegations, stating the contract lacked a termination clause and
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