M/s. Isthara Parks Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against M/s. Valmar Projects LLP, the corporate debtor, for alleged default in payment of debt amounting to Rs. 5,69,65,755/-. The petitioner and respondent entered into a Facilities Service Agreement (FSA) and a Catering Service Agreement (CSA). The petitioner claimed that the respondent violated the agreement by failing to clear invoice amounts within the stipulated time. The respondent, however, contended that there was a pre-existing dispute regarding the quality of services provided by the petitioner.
M/s. Isthara Parks Private Limited (Operational Creditor) and M/s. Valmar Projects LLP (Corporate Debtor) entered into a Facilities Service Agreement (FSA) on 23rd February 2022 and a Catering Service Agreement (CSA) on 16th March 2022. Isthara Parks Private Limited is engaged in operating hostel facilities, providing catering and food services. Valmar Projects LLP operates in the business of maintaining, managing, supporting, and servicing educational services. Isthara Parks Private Limited raised invoices for services rendered from April 2022 to May 2023, but Valmar Projects LLP allegedly failed to clear the invoice amounts within the stipulated time. Isthara Parks Private Limited claimed a total amount of Rs. 5,69,65,755/-, including principal and interest, as of
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The Petitioner entered into a Facilities…
A Catering Service Agreement (CSA) was…
M/s. Isthara Parks Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against M/s. Valmar Projects LLP, the corporate debtor, for alleged default in payment of debt amounting to Rs. 5,69,65,755/-. The petitioner and respondent entered into a Facilities Service Agreement (FSA) and a Catering Service Agreement (CSA). The petitioner claimed that the respondent violated the agreement by failing to clear invoice amounts within the stipulated time. The respondent, however, contended that there was a pre-existing dispute regarding the quality of services provided by the petitioner.
M/s. Isthara Parks Private Limited (Operational Creditor) and M/s. Valmar Projects LLP (Corporate Debtor) entered into a Facilities Service Agreement (FSA) on 23rd February 2022 and a Catering Service Agreement (CSA) on 16th March 2022. Isthara Parks Private Limited is engaged in operating hostel facilities, providing catering and food services. Valmar Projects LLP operates in the business of maintaining, managing, supporting, and servicing educational services. Isthara Parks Private Limited raised invoices for services rendered from April 2022 to May 2023, but Valmar Projects LLP allegedly failed to clear the invoice amounts within the stipulated time. Isthara Parks Private Limited claimed a total amount of Rs. 5,69,65,755/-, including principal and interest, as of
…The Petitioner entered into a Facilities…
A Catering Service Agreement (CSA) was…