M/s. Euphoria Construction Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against M/s. Aarcity Infrastructure Pvt. Ltd. for an alleged default of Rs. 2,19,60,566.
Euphoria Construction Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Aarcity Infrastructure Pvt. Ltd. (Corporate Debtor).
The Operational Creditor claimed a default of Rs. 2,19,60,566.
The Corporate Debtor was constructing a housing project named Regency at Plot No. GH-03B, Sector-16C, Greater Noida.
A contract was executed between the Corporate Debtor and the Operational Creditor on 04.08.2014 for the construction of towers B, C, D, and E of the Project.
The Operational Creditor raised invoices for Rs. 12,63,34,030/-, but only received Rs. 10,43,73,464/-.
The final bills for an amount of Rs. 12,53,34,238/- were raised on 30.11.2017.
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A contract was executed between the Corporate…
The final bills for an…
M/s. Euphoria Construction Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against M/s. Aarcity Infrastructure Pvt. Ltd. for an alleged default of Rs. 2,19,60,566.
Euphoria Construction Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Aarcity Infrastructure Pvt. Ltd. (Corporate Debtor).
The Operational Creditor claimed a default of Rs. 2,19,60,566.
The Corporate Debtor was constructing a housing project named Regency at Plot No. GH-03B, Sector-16C, Greater Noida.
A contract was executed between the Corporate Debtor and the Operational Creditor on 04.08.2014 for the construction of towers B, C, D, and E of the Project.
The Operational Creditor raised invoices for Rs. 12,63,34,030/-, but only received Rs. 10,43,73,464/-.
The final bills for an amount of Rs. 12,53,34,238/- were raised on 30.11.2017.
…A contract was executed between the Corporate…
The final bills for an…