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 amount claimed was advance paid towards a works contract awarded to the Corporate Debtor. The Corporate Debtor was engaged in manufacturing glass facades and fabrication. The Operational Creditor engaged the Corporate Debtor for Engineering, fabrication, Supply, and installation of Façade works for the proposed S Tower for Rs.10.30 Crores. The Operational Creditor paid Rs.3,65,42,987 from 23.01.2019 to 18.02.2020. The
…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 claim was for Rs. 3,04,72,487, representing an unadjusted advance payment for a works contract. The Operational Creditor engaged the Corporate Debtor for façade work on a project for Rs. 10.30 Crores. The Operational Creditor paid Rs. 3,65,42,987 between 23.01.2019 and 18.02.2020. The Operational Creditor terminated the contract on 16.03.2020 due to alleged poor performance. The Corporate Debtor denied the allegations, stating the contract lacked a termination clause and substantial work had been completed. The Corporate Debtor also argued the Operational Creditor failed to
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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 amount claimed was advance paid towards a works contract awarded to the Corporate Debtor. The Corporate Debtor was engaged in manufacturing glass facades and fabrication. The Operational Creditor engaged the Corporate Debtor for Engineering, fabrication, Supply, and installation of Façade works for the proposed S Tower for Rs.10.30 Crores. The Operational Creditor paid Rs.3,65,42,987 from 23.01.2019 to 18.02.2020. The
…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 claim was for Rs. 3,04,72,487, representing an unadjusted advance payment for a works contract. The Operational Creditor engaged the Corporate Debtor for façade work on a project for Rs. 10.30 Crores. The Operational Creditor paid Rs. 3,65,42,987 between 23.01.2019 and 18.02.2020. The Operational Creditor terminated the contract on 16.03.2020 due to alleged poor performance. The Corporate Debtor denied the allegations, stating the contract lacked a termination clause and substantial work had been completed. The Corporate Debtor also argued the Operational Creditor failed to
…Corporate Debtor's commercial offer for…
Operational Creditor…