The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Mr. K. Lakshma Reddy (operational creditor/applicant) against M/s. Telangana State Rajiv Swagruha Corporation (corporate debtor/respondent) for initiating Corporate Insolvency Resolution Process (CIRP). The operational creditor was awarded a tender for the construction of 57 Intrinsic (B-Type) Duplex Houses under the Rajiv Swagruha Scheme. Several supplementary agreements were executed to revise the scope of work and address issues like land possession and price escalation. Disputes arose regarding payments, with the operational creditor claiming outstanding dues and interest, while the corporate debtor contended that all payments had been made, including excess
…M/s. K. Lakshma Reddy, a contractor, filed an application under Section 9 of the IBC to initiate CIRP against M/s. Telangana State Rajiv Swagruha Corporation Limited. The case stems from a contract awarded to Reddy for constructing houses under the Rajiv Swagruha Scheme. The initial agreement was dated 29.10.2009, for the construction of 57 duplex houses. Subsequent supplementary agreements were executed, modifying the scope of work and addressing issues related to land possession and price escalation. The operational creditor claims that the corporate debtor failed to make full payments, including price escalations, resulting in outstanding dues of Rs. 1,56,43,692.41 towards principal and Rs. 1,87,22,430.89 towards interest. The corporate debtor contends that all
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Agreement between M/s.A.P.Rajiv Swagruha…
Joint inspectio…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Mr. K. Lakshma Reddy (operational creditor/applicant) against M/s. Telangana State Rajiv Swagruha Corporation (corporate debtor/respondent) for initiating Corporate Insolvency Resolution Process (CIRP). The operational creditor was awarded a tender for the construction of 57 Intrinsic (B-Type) Duplex Houses under the Rajiv Swagruha Scheme. Several supplementary agreements were executed to revise the scope of work and address issues like land possession and price escalation. Disputes arose regarding payments, with the operational creditor claiming outstanding dues and interest, while the corporate debtor contended that all payments had been made, including excess
…M/s. K. Lakshma Reddy, a contractor, filed an application under Section 9 of the IBC to initiate CIRP against M/s. Telangana State Rajiv Swagruha Corporation Limited. The case stems from a contract awarded to Reddy for constructing houses under the Rajiv Swagruha Scheme. The initial agreement was dated 29.10.2009, for the construction of 57 duplex houses. Subsequent supplementary agreements were executed, modifying the scope of work and addressing issues related to land possession and price escalation. The operational creditor claims that the corporate debtor failed to make full payments, including price escalations, resulting in outstanding dues of Rs. 1,56,43,692.41 towards principal and Rs. 1,87,22,430.89 towards interest. The corporate debtor contends that all
…Agreement between M/s.A.P.Rajiv Swagruha…
Joint inspectio…