Success Stories

INR 1.82 crores (INR 2.59 crores including interest) recoverable by a client in Panipat (Haryana)from a listed Infrastructure construction company in Mumbai against supply of goods. Claim unpaid for almost last 3 years.

Our team studied the documents and ensured that the claim has not become time barred and is free from any dispute. On non-payment of the demanded debt claim from the defaulter Corporate Debtor, Insolvency process was triggered. Within 2 hearings, the complete debt of INR 2.59 crores including interest, was paid by the Corporate Debtor in the Court.

INR 1.83 crores (INR 3.28 crores including interest) unpaid by a large Infrastructure construction company in Mumbai against supply of goods by the creditor in Bikaner, Rajasthan. Default continued for ~7 years, however, there were regular transactions in the account.

Our team studied all the documentation. Since there were regular transactions in the account, the debt was not time barred. There was no dispute existing between the Corporate Debtor and the Supplier. We issued a Demand Notice, demanding a debt of INR 3.28 crores, including interest. Initially, the Corporate accepted its liability to pay a principal amount of INR 1.83 crores, without the interest. Later, the debtor denied its liability to pay the principal amount of INR 1.83 crores but only INR 47 lakhs, as per its books of accounts. We filed an application under Section 340 of Criminal Procedure Code on account of filing of false Affidavit by the Corporate Debtor. Presently, the Corporate Debtor is struggling to come out from this (Section 340 of Cr.PC) application and offered to settle the entire debt including interest.

Two individual recoveries agreegating to INR 9.88 crores, including interest by two clients, one base in Vizag and the other at Chennai, from a Government of India owned PSU.

One creditor’s claim was less than INR 1 crore and the other creditor’s claim was ~INR 9 crores. Debt of the creditor whose claim was less than INR 1 crore was assigned in favour of the other creditor and proceedings started in the NCLT, Kolkatta. Case has been settled with NCLT, recovering the debt including interest.