Alex Constructions Private Limited, the Operational Creditor (OC), filed an application against Valentis Laboratories Private Limited, the Corporate Debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP) for default in discharging a debt. The OC claimed that the CD availed their specialized construction services for an Intermediate Block, for which Bill No.1 dated 26.06.2017 was issued for Rs.64,77,862/-, which was partially paid, leaving an outstanding debt of Rs.18,56,158/- with 24% per annum interest. The OC sent a Demand Notice on 29.09.2019, which the CD denied. The CD contended that the OC was under strike-off during the issuance of the Demand Notice, rendering it invalid. The CD also argued that the Demand Notice was not in the
…Alex Constructions Private Limited (Operational Creditor - OC) filed an application against Valentis Laboratories Private Limited (Corporate Debtor - CD) to initiate CIRP under Section 9 of IBC, claiming a default of Rs.18,56,158/- with 24% interest. The OC provided construction services to the CD for an Intermediate Block, issuing Bill No.1 dated 26.06.2017 for Rs.64,77,862/-, which was partially paid. The OC sent a Demand Notice on 29.09.2019. The CD denied the debt and claimed the OC was under strike-off when the Demand Notice was issued. The CD also alleged the Demand Notice was not in the prescribed format and lacked authorization. The CD further claimed defective construction work and a pre-existing dispute regarding the quality of materials. The OC admitted to
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Alex Constructions issued Bill No.1 for…
Director of Alex Constructions stated the…
Alex Constructions Private Limited, the Operational Creditor (OC), filed an application against Valentis Laboratories Private Limited, the Corporate Debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP) for default in discharging a debt. The OC claimed that the CD availed their specialized construction services for an Intermediate Block, for which Bill No.1 dated 26.06.2017 was issued for Rs.64,77,862/-, which was partially paid, leaving an outstanding debt of Rs.18,56,158/- with 24% per annum interest. The OC sent a Demand Notice on 29.09.2019, which the CD denied. The CD contended that the OC was under strike-off during the issuance of the Demand Notice, rendering it invalid. The CD also argued that the Demand Notice was not in the
…Alex Constructions Private Limited (Operational Creditor - OC) filed an application against Valentis Laboratories Private Limited (Corporate Debtor - CD) to initiate CIRP under Section 9 of IBC, claiming a default of Rs.18,56,158/- with 24% interest. The OC provided construction services to the CD for an Intermediate Block, issuing Bill No.1 dated 26.06.2017 for Rs.64,77,862/-, which was partially paid. The OC sent a Demand Notice on 29.09.2019. The CD denied the debt and claimed the OC was under strike-off when the Demand Notice was issued. The CD also alleged the Demand Notice was not in the prescribed format and lacked authorization. The CD further claimed defective construction work and a pre-existing dispute regarding the quality of materials. The OC admitted to
…Alex Constructions issued Bill No.1 for…
Director of Alex Constructions stated the…