The case involves an application filed by OMM Constructions, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Tuaman Engineering Limited, the corporate debtor. The operational creditor claimed a default amount of Rs. 4,85,75,983 as of August 29, 2020, with interest from October 16, 2017. The corporate debtor contested the application, arguing that the claim was barred by limitation and that there was no amount due and payable.
OMM Constructions, a partnership firm, provided construction services to Tuaman Engineering Limited as a subcontractor for the construction of toilet blocks under the Swachh Vidyalaya Abhiyan in Odisha. OMM Constructions raised invoices for the services rendered, but Tuaman Engineering Limited allegedly failed to make full payment. The total amount claimed in default was Rs. 4,85,75,983 as of August 29, 2020, with interest from October 16, 2017. OMM Constructions issued a statutory notice in Form-3 under Section 8 of the Code, calling upon Tuaman Engineering Limited to make payment. Tuaman Engineering Limited allegedly acknowledged the debt but made no payment. Tuaman Engineering Limited contended that the application was barred by limitation, that there was no amount
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Operational Creditor…
Invoices were raised…
The case involves an application filed by OMM Constructions, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Tuaman Engineering Limited, the corporate debtor. The operational creditor claimed a default amount of Rs. 4,85,75,983 as of August 29, 2020, with interest from October 16, 2017. The corporate debtor contested the application, arguing that the claim was barred by limitation and that there was no amount due and payable.
OMM Constructions, a partnership firm, provided construction services to Tuaman Engineering Limited as a subcontractor for the construction of toilet blocks under the Swachh Vidyalaya Abhiyan in Odisha. OMM Constructions raised invoices for the services rendered, but Tuaman Engineering Limited allegedly failed to make full payment. The total amount claimed in default was Rs. 4,85,75,983 as of August 29, 2020, with interest from October 16, 2017. OMM Constructions issued a statutory notice in Form-3 under Section 8 of the Code, calling upon Tuaman Engineering Limited to make payment. Tuaman Engineering Limited allegedly acknowledged the debt but made no payment. Tuaman Engineering Limited contended that the application was barred by limitation, that there was no amount
…Operational Creditor…
Invoices were raised…