Ratnarup Projects Private Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Tamanna Hotels Private Limited, the Corporate Debtor. The Operational Creditor claimed a total default of Rs.2,83,95,203/-. The Corporate Debtor contested the claim, citing deficiencies in the services provided by the Operational Creditor and raising disputes regarding the quality of work. The Corporate Debtor also claimed an outstanding debt from the Operational Creditor.
Ratnarup Projects Private Limited (Operational Creditor) filed an application under Section 9 of the I&B Code, 2016, to initiate CIRP against Tamanna Hotels Private Limited (Corporate Debtor) due to a default of Rs. 2,83,95,203. The Operational Creditor was selected for the construction of Phase-I based on an item rate contract. Articles of Agreement were entered into between the parties for the construction of a hotel. The Corporate Debtor failed to adhere to payment deadlines, leading the Operational Creditor to stop work. The Corporate Debtor issued post-dated cheques, some of which were cleared, while others were returned unpaid with the remarks 'Stop Payment by the Drawer'. The Operational Creditor filed a complaint under Section 138 of the Negotiable
…Sign in to view the parties.
Tender document issued…
Letter of Intent and…
Ratnarup Projects Private Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Tamanna Hotels Private Limited, the Corporate Debtor. The Operational Creditor claimed a total default of Rs.2,83,95,203/-. The Corporate Debtor contested the claim, citing deficiencies in the services provided by the Operational Creditor and raising disputes regarding the quality of work. The Corporate Debtor also claimed an outstanding debt from the Operational Creditor.
Ratnarup Projects Private Limited (Operational Creditor) filed an application under Section 9 of the I&B Code, 2016, to initiate CIRP against Tamanna Hotels Private Limited (Corporate Debtor) due to a default of Rs. 2,83,95,203. The Operational Creditor was selected for the construction of Phase-I based on an item rate contract. Articles of Agreement were entered into between the parties for the construction of a hotel. The Corporate Debtor failed to adhere to payment deadlines, leading the Operational Creditor to stop work. The Corporate Debtor issued post-dated cheques, some of which were cleared, while others were returned unpaid with the remarks 'Stop Payment by the Drawer'. The Operational Creditor filed a complaint under Section 138 of the Negotiable
…Tender document issued…
Letter of Intent and…