Mauli Enterprises, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Vijay Suraksha Realty LLP, the corporate debtor, for defaulting on a principal amount of ₹1,63,60,780 along with interest of ₹79,48,165, aggregating to ₹2,43,08,945 as of 02.02.2018. The Corporate Debtor was carrying out business of Construction and was awarded the work of Holistic Meditation and Spiritual Center (HMSC) by Thane Municipal Corporation (TMC). Mauli Enterprises was providing all Civil Construction Services. The Corporate Debtor contacted Mauli Enterprises to construct the HMSC building. Disputes arose regarding payments, leading to the application for CIRP.
Mauli Enterprises, a partnership firm, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Vijay Suraksha Realty LLP for defaulting on a payment of ₹2,43,08,945. Vijay Suraksha Realty LLP was awarded a contract by Thane Municipal Corporation (TMC) to construct a Holistic Meditation and Spiritual Center (HMSC). Mauli Enterprises was contracted to carry out the construction work. Several work orders were issued, and Mauli Enterprises carried out the construction work and submitted tax invoices. Vijay Suraksha Realty LLP made some payments but defaulted on the remaining amount. Vijay Suraksha Realty LLP terminated the construction contract, citing delays. Mauli Enterprises claimed that Vijay Suraksha Realty LLP failed
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Mauli Enterprises, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Vijay Suraksha Realty LLP, the corporate debtor, for defaulting on a principal amount of ₹1,63,60,780 along with interest of ₹79,48,165, aggregating to ₹2,43,08,945 as of 02.02.2018. The Corporate Debtor was carrying out business of Construction and was awarded the work of Holistic Meditation and Spiritual Center (HMSC) by Thane Municipal Corporation (TMC). Mauli Enterprises was providing all Civil Construction Services. The Corporate Debtor contacted Mauli Enterprises to construct the HMSC building. Disputes arose regarding payments, leading to the application for CIRP.
Mauli Enterprises, a partnership firm, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Vijay Suraksha Realty LLP for defaulting on a payment of ₹2,43,08,945. Vijay Suraksha Realty LLP was awarded a contract by Thane Municipal Corporation (TMC) to construct a Holistic Meditation and Spiritual Center (HMSC). Mauli Enterprises was contracted to carry out the construction work. Several work orders were issued, and Mauli Enterprises carried out the construction work and submitted tax invoices. Vijay Suraksha Realty LLP made some payments but defaulted on the remaining amount. Vijay Suraksha Realty LLP terminated the construction contract, citing delays. Mauli Enterprises claimed that Vijay Suraksha Realty LLP failed
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