Life Construction Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against VGS Realty Construction Private Limited, claiming an operational debt of Rs. 19,63,46,629/- with the date of default being 15th March 2019. The Operational Creditor provided construction services to the Corporate Debtor based on work orders, raising invoices between December 2014 and March 2019, totaling Rs. 78,57,01,345/-. The Corporate Debtor made partial payments, leaving a balance unpaid.
Life Construction Private Limited (Operational Creditor) provided construction services to VGS Realty Construction Private Limited (Corporate Debtor) under various work orders. Invoices were raised between December 2014 and March 2019, totaling Rs. 78,57,01,345/-. The Corporate Debtor made partial payments of Rs. 55,99,97,609/-, leaving a balance of Rs. 19,63,46,629/- outstanding. The date of default is 15th March 2019. The Operational Creditor issued a demand letter on 15th March 2022, seeking payment of Rs. 23,07,03,736/- along with interest. 'Resonant Realtors Project Private Limited' made a part payment of Rs. 50,00,000/- on behalf of the Corporate Debtor on 23rd March 2022. A Demand Notice was issued on 13th May 2022, directing the Corporate Debtor to pay Rs.
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Life Construction Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against VGS Realty Construction Private Limited, claiming an operational debt of Rs. 19,63,46,629/- with the date of default being 15th March 2019. The Operational Creditor provided construction services to the Corporate Debtor based on work orders, raising invoices between December 2014 and March 2019, totaling Rs. 78,57,01,345/-. The Corporate Debtor made partial payments, leaving a balance unpaid.
Life Construction Private Limited (Operational Creditor) provided construction services to VGS Realty Construction Private Limited (Corporate Debtor) under various work orders. Invoices were raised between December 2014 and March 2019, totaling Rs. 78,57,01,345/-. The Corporate Debtor made partial payments of Rs. 55,99,97,609/-, leaving a balance of Rs. 19,63,46,629/- outstanding. The date of default is 15th March 2019. The Operational Creditor issued a demand letter on 15th March 2022, seeking payment of Rs. 23,07,03,736/- along with interest. 'Resonant Realtors Project Private Limited' made a part payment of Rs. 50,00,000/- on behalf of the Corporate Debtor on 23rd March 2022. A Demand Notice was issued on 13th May 2022, directing the Corporate Debtor to pay Rs.
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