The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/S Protech Impex PVT LTD (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Uttar Pradesh Rajkiya Nirman Nigam Limited (Corporate Debtor) due to default in payment of an outstanding amount of Rs.3,65,75,820/- as principal and Rs.3,45,83,690/- as interest. The Corporate Debtor disputed the claim, arguing it was barred by limitation under Section 238-A of the Insolvency and Bankruptcy Code, 2016, read with Article 137 of the Limitation Act. The Operational Creditor argued that the limitation period should be calculated from the last payment date, not the original due date.
M/S Protech Impex PVT LTD (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Uttar Pradesh Rajkiya Nirman Nigam Limited (Corporate Debtor). The application was based on a default in payment of Rs.3,65,75,820/- as principal and Rs.3,45,83,690/- as interest, totaling Rs.7,11,59,510/-, for civil construction work done by the Operational Creditor for the Corporate Debtor. The work included construction at the National Institute of Occupational Health (NIOH), Ahmadabad, between 2012 and 2015. A contract agreement was signed on 18.10.2014. The Operational Creditor claimed the default occurred on 15.01.2016, the date of the completion certificate. The
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The Operational Creditor executed civil…
A contract agreement…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/S Protech Impex PVT LTD (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Uttar Pradesh Rajkiya Nirman Nigam Limited (Corporate Debtor) due to default in payment of an outstanding amount of Rs.3,65,75,820/- as principal and Rs.3,45,83,690/- as interest. The Corporate Debtor disputed the claim, arguing it was barred by limitation under Section 238-A of the Insolvency and Bankruptcy Code, 2016, read with Article 137 of the Limitation Act. The Operational Creditor argued that the limitation period should be calculated from the last payment date, not the original due date.
M/S Protech Impex PVT LTD (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Uttar Pradesh Rajkiya Nirman Nigam Limited (Corporate Debtor). The application was based on a default in payment of Rs.3,65,75,820/- as principal and Rs.3,45,83,690/- as interest, totaling Rs.7,11,59,510/-, for civil construction work done by the Operational Creditor for the Corporate Debtor. The work included construction at the National Institute of Occupational Health (NIOH), Ahmadabad, between 2012 and 2015. A contract agreement was signed on 18.10.2014. The Operational Creditor claimed the default occurred on 15.01.2016, the date of the completion certificate. The
…The Operational Creditor executed civil…
A contract agreement…