M/s. Slipform Projects, an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Techno Electric & Engineering Co. Ltd, the corporate debtor, due to a default in payment of Rs. 1,17,56,595/-. The operational creditor and corporate debtor entered into a contract for civil works related to projects undertaken by the corporate debtor on behalf of Powergrid Corporation of India Ltd. The work involved three sites: New Shilong, Mawngap, and Khahelipara. Disputes arose regarding payments for the work done, leading to the corporate debtor terminating the contract. The operational creditor claimed non-payment of bills, while the corporate debtor
…M/s. Slipform Projects (Operational Creditor) entered into a contract with M/s. Techno Electric & Engineering Co. Ltd (Corporate Debtor) for civil works related to Powergrid Corporation of India Ltd projects at three sites: New Shilong, Mawngap, and Khahelipara. The contracted prices were Rs. 6,95,45,128/- for Mawngap and Rs. 6,85,56,820/- for New Shilong. An oral agreement existed for Khahelipara. The Operational Creditor sent R.A. bills for all three sites, but the Corporate Debtor allegedly made no payments. The total bill raised was Rs. 1,37,16,595/-, with Rs.80,96,882/- for Mawngap, Rs.48,07,585/- for New Shilong, and Rs. 8,12,128/- for Khahelipara. The Corporate Debtor made an advance payment of Rs. 19,60,000/- and allegedly paid Rs.75,63,148/- to vendors and
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M/s. Slipform Projects, an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Techno Electric & Engineering Co. Ltd, the corporate debtor, due to a default in payment of Rs. 1,17,56,595/-. The operational creditor and corporate debtor entered into a contract for civil works related to projects undertaken by the corporate debtor on behalf of Powergrid Corporation of India Ltd. The work involved three sites: New Shilong, Mawngap, and Khahelipara. Disputes arose regarding payments for the work done, leading to the corporate debtor terminating the contract. The operational creditor claimed non-payment of bills, while the corporate debtor
…M/s. Slipform Projects (Operational Creditor) entered into a contract with M/s. Techno Electric & Engineering Co. Ltd (Corporate Debtor) for civil works related to Powergrid Corporation of India Ltd projects at three sites: New Shilong, Mawngap, and Khahelipara. The contracted prices were Rs. 6,95,45,128/- for Mawngap and Rs. 6,85,56,820/- for New Shilong. An oral agreement existed for Khahelipara. The Operational Creditor sent R.A. bills for all three sites, but the Corporate Debtor allegedly made no payments. The total bill raised was Rs. 1,37,16,595/-, with Rs.80,96,882/- for Mawngap, Rs.48,07,585/- for New Shilong, and Rs. 8,12,128/- for Khahelipara. The Corporate Debtor made an advance payment of Rs. 19,60,000/- and allegedly paid Rs.75,63,148/- to vendors and
…The Respondent/Corporate Debtor made a payment…
An e-mail was sent by the Corporate Debtor to…