The case involves an application filed by Datacorp Traffic Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against VaaaN Infra Private Limited (Corporate Debtor) for non-payment of dues amounting to Rs. 3,97,17,481/- for services provided. The Corporate Debtor is engaged in Tech systems, Infrastructure & Intelligent Transport Solutions and was contracted by M/s Indian Highways Management Company Limited (IHMCL) for highway projects. The Operational Creditor conducted ATCC traffic surveys for the Corporate Debtor in Gujarat and Maharashtra.
Datacorp Traffic Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against VaaaN Infra Private Limited (Corporate Debtor) due to non-payment of Rs. 3,97,17,481/- for ATCC traffic surveys conducted in Gujarat and Maharashtra. The Corporate Debtor claimed a dispute existed due to service quality and delays, referencing Clause 6 of their contract, which included penalties. The Operational Creditor issued a demand notice on 25.11.2019, and the Corporate Debtor replied on 28.12.2019, beyond the 10-day period stipulated by Section 8(2) of the IBC. The Corporate Debtor admitted to owing Rs. 1,93,23,609/- in a letter dated 10th October, 2019. The Corporate Debtor concealed the resubmission
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Operational creditor issued a demand notice to…
Corporate debtor…
The case involves an application filed by Datacorp Traffic Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against VaaaN Infra Private Limited (Corporate Debtor) for non-payment of dues amounting to Rs. 3,97,17,481/- for services provided. The Corporate Debtor is engaged in Tech systems, Infrastructure & Intelligent Transport Solutions and was contracted by M/s Indian Highways Management Company Limited (IHMCL) for highway projects. The Operational Creditor conducted ATCC traffic surveys for the Corporate Debtor in Gujarat and Maharashtra.
Datacorp Traffic Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against VaaaN Infra Private Limited (Corporate Debtor) due to non-payment of Rs. 3,97,17,481/- for ATCC traffic surveys conducted in Gujarat and Maharashtra. The Corporate Debtor claimed a dispute existed due to service quality and delays, referencing Clause 6 of their contract, which included penalties. The Operational Creditor issued a demand notice on 25.11.2019, and the Corporate Debtor replied on 28.12.2019, beyond the 10-day period stipulated by Section 8(2) of the IBC. The Corporate Debtor admitted to owing Rs. 1,93,23,609/- in a letter dated 10th October, 2019. The Corporate Debtor concealed the resubmission
…Operational creditor issued a demand notice to…
Corporate debtor…