MKHS Housing LLP, an operational creditor, filed a Section 9 IBC application against Shivalay Infracon Private Limited, the corporate debtor, for an alleged default of Rs. 11,13,39,348/- for materials supplied. The corporate debtor had previously acknowledged the liability and attempted to convert the operational debt into a loan, leading to a prior Section 7 application which was withdrawn as operational debt cannot be re-characterized as financial debt.
MKHS Housing LLP (Applicant/Operational Creditor) filed a Company Petition under Section 9 of the IBC, 2016.
The petition seeks initiation of CIRP against Shivalay Infracon Private Limited (Respondent/Corporate Debtor).
The alleged default is Rs. 11,13,39,348/-, calculated up to 06.08.2025, for the supply of materials.
Mr. Srikant Sikaria, a Designated Partner of MKHS Housing LLP, was authorized to submit the application.
The Corporate Debtor approached the Applicant for material supply, which was provided, leading to payment becoming due.
Letters acknowledging the debt were dated 07.06.2023 and 07.01.2024.
On 02.05.2023, an agreement was executed where the Corporate Debtor acknowledged liability and sought to convert the operational debt to a loan.
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MKHS Housing LLP, an operational creditor, filed a Section 9 IBC application against Shivalay Infracon Private Limited, the corporate debtor, for an alleged default of Rs. 11,13,39,348/- for materials supplied. The corporate debtor had previously acknowledged the liability and attempted to convert the operational debt into a loan, leading to a prior Section 7 application which was withdrawn as operational debt cannot be re-characterized as financial debt.
MKHS Housing LLP (Applicant/Operational Creditor) filed a Company Petition under Section 9 of the IBC, 2016.
The petition seeks initiation of CIRP against Shivalay Infracon Private Limited (Respondent/Corporate Debtor).
The alleged default is Rs. 11,13,39,348/-, calculated up to 06.08.2025, for the supply of materials.
Mr. Srikant Sikaria, a Designated Partner of MKHS Housing LLP, was authorized to submit the application.
The Corporate Debtor approached the Applicant for material supply, which was provided, leading to payment becoming due.
Letters acknowledging the debt were dated 07.06.2023 and 07.01.2024.
On 02.05.2023, an agreement was executed where the Corporate Debtor acknowledged liability and sought to convert the operational debt to a loan.
…Applicant's Board Resolution passed at a…
An agreement was executed between the parties,…