ORDER

1. The present Application has been filed by Smt. Anisha Satish Sahitya Proprietor of VH Roofing Solutions (hereinafter referred to as “Applicant/Operational Creditor”) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “Code”) for seeking initiation of Corporate Insolvency Resolution Process (CIRP) against CCTEB INDIA PRIVATE LIMITED (hereinafter referred to as “Respondent/Corporate Debtor”), for the default amount of an Rs. 8,25,59,616.77/- (Eight crore twenty-five lakh fifty-nine thousand six hundred sixteen rupees and seventy-seven paise only.). The date of default, as mentioned in the Application is 10.01.2025.

2. The averments as made in the application and narrated by Learned Counsel appearing for the Applicant are summarised hereunder;

(i) The Operational Creditor is a sole proprietorship firm under the name and style of VH Roofing Solutions and is engaged in the business of providing services such as roofing systems, installation of prefabricated/pre-engineered buildings, structural decking and other metal building accessories.

(ii) The Operational Creditor is registered under the Central Goods and Services Tax Act, 2017 bearing registration no. 36ALSPS8967P1Z1 and is also registered as a Micro, Small and Medium Enterprise with the Ministry of Micro, Small and Medium Enterprises, Government of India vide UDYAM Registration No. TS-02-0084841 under the provisions of the Micro, Small and Medium Enterprises Development Act, 2006.

(iii) The Corporate Debtor was engaged as a principal contractor by TTE Electronics India Private Limited (hereinafter referred to as “TTEEIPL”) for carrying out construction and development works of a plant/factory and building at Vikuthamala Village, Yeapedu Mandal, Tirupati Sub-Division, Chittoor District, Andhra Pradesh.

(iv) The Corporate Debtor, in turn, engaged several sub-contractors for execution of various works. On 30.12.2021, TTEEIPL issued a certificate of principal employer acknowledging the Operational Creditor as a sub-contractor engaged by the Corporate Debtor.

(v) The Corporate Debtor awarded a construction works contract to the Operational Creditor bearing No. CCTEB/TCL/PEB/2021-04 dated 26.07.2021 for a contract value of Rs. 56,50,82,662.75/- (inclusive of taxes), which was subsequently supplemented vide supplementary agreement dated 06.11.2023 (hereinafter referred to as “Works Contract-1”) for installation of roof and wall sandwich panel works at the project site.

(vi) The Corporate Debtor also awarded another works contract bearing No. CCTEB/TCL/PEB/2021-05 dated 30.10.2021 for a contract value of Rs. 5,56,22,840/-, supplemented vide agreement dated 06.11.2023 (hereinafter referred to as “Works Contract-2”) for installation of TPO roofing and Rockwool works at the same site.

(vii) As per the terms of Works Contract-1 and Works Contract-2 (collectively referred to as “Works Contracts”), and in accordance with the directions issued by the Corporate Debtor from time to time, the Operational Creditor carried out and completed the contractual works to the satisfaction of the Corporate Debtor. The Corporate Debtor acknowledged execution of the works as well as receipt of completion documentation submitted by the Operational Creditor.

(vii) The Operational Creditor has further relied upon the completion letter dated 23.04.2024 to contend that not only had the contractual works been completed, but even the damages caused by another sub-contractor engaged by the Corporate Debtor had been rectified by the Operational Creditor. The Operational Creditor, on instructions of the Corporate Debtor, also executed certain additional works beyond the scope of the Works Contracts (referred to as “Visa Works”) and raised invoices aggregating to Rs. 95,76,240.44/-. The said works were acknowledged and measurements verified by the site in-charge and project manager of the Corporate Debtor. However, payment against these invoices has not been made despite repeated