Bikki Raveendra Babu, Member - (1.) M/S. United Project Construction Ltd. filed this application under section 9 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") read with Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") with a prayer to trigger Corporate Insolvency process in respect of M/s. Aerocon Buildwell Private Ltd.
(2.) The facts in brief that are necessary for disposal of this application are as follows:-
(3.) The applicant executed civil work of the value of Rs. 6,30,06,740/- under 16 RA bills. Further, it is the case of the applicant that he received material worth Rs. 1,65,47,000/- from the respondent corporate debtor. It is also the case of the applicant that he received an amount of Rs. 2,15,74,192/- Therefore, on the outstanding amount of Rs. 2,48,94,335/- the applicant claims interest @ 24% per annum and loss of profit due to non-payment. In all, the applicant is claiming Rs. 3,42,09,590/-. It is stated that the date on which the default occurred is 15.09.2015.;