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Injunction restraining the creditor from initiating winding-up proceedings can be granted if the debt is disputed on bona fide and substantial grounds. There are genuine cross claims based on substantial grounds exceeding the debt amount.
Project planned to be completed within 18 months of signing the agreement
The State government, after examination of the proposal from technical committees, has accorded permission to the Visakhapatam Metropolitan Region Development Authority(VMRDA) to award the contract for construction of multi-level car parking and commercial complex at Siripuram Junction, to lowest bidder Vijay Nirman Company for ₹67.57 crore. The contract was awarded on engineering, procurement, construction and contract basis.
The project is planned to be completed within a period of 18 months from the date of signing of agreement with the contractor. The construction, quality and timely delivery of the project activities will be supervised by the APUIAML (Andhra Pradesh Urban Infrastructure Asset Management Ltd), the end-to-end project manager and transaction advisor for the project.