The case involves a contempt petition filed by Ved Prakash Abbot against Kishore K. Avarsekar & Ors. for allegedly disobeying a settlement agreement and compromise decree. The petitioner, a sole proprietor of Jai Enterprises, had filed a suit for recovery of Rs. 15,81,420/- against respondent No. 7. A settlement was reached on 21.04.2017, with the respondent agreeing to pay Rs. 10,19,763/- in installments. However, the cheques for the installments bounced, and the respondent No. 7 later faced insolvency proceedings under the IBC, leading to the appointment of an IRP by the NCLT.
Ved Prakash Abbot, proprietor of Jai Enterprises, filed a suit against Kishore K. Avarsekar & Ors. for recovery of Rs. 15,81,420. A settlement was reached on 21.04.2017, where the respondents agreed to pay Rs. 10,19,763 in installments. The first installment was paid, but subsequent cheques bounced. On 20.06.2017, an IRP was appointed for respondent No. 7 under Section 10 of the IBC. The petitioner was listed as an operational creditor. The ICICI Bank recalled its financial assistance to respondent No. 7. The IRP applied to the NCLT to liquidate the company. A demand draft of Rs. 1,50,000 was given by the authorized representative of respondent No. 7 on 19.02.2018, after the appointment of the IRP. Summons were issued against respondent No. 7 Company and respondent
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Jai Enterprises filed a…
A settlement agreement…
The case involves a contempt petition filed by Ved Prakash Abbot against Kishore K. Avarsekar & Ors. for allegedly disobeying a settlement agreement and compromise decree. The petitioner, a sole proprietor of Jai Enterprises, had filed a suit for recovery of Rs. 15,81,420/- against respondent No. 7. A settlement was reached on 21.04.2017, with the respondent agreeing to pay Rs. 10,19,763/- in installments. However, the cheques for the installments bounced, and the respondent No. 7 later faced insolvency proceedings under the IBC, leading to the appointment of an IRP by the NCLT.
Ved Prakash Abbot, proprietor of Jai Enterprises, filed a suit against Kishore K. Avarsekar & Ors. for recovery of Rs. 15,81,420. A settlement was reached on 21.04.2017, where the respondents agreed to pay Rs. 10,19,763 in installments. The first installment was paid, but subsequent cheques bounced. On 20.06.2017, an IRP was appointed for respondent No. 7 under Section 10 of the IBC. The petitioner was listed as an operational creditor. The ICICI Bank recalled its financial assistance to respondent No. 7. The IRP applied to the NCLT to liquidate the company. A demand draft of Rs. 1,50,000 was given by the authorized representative of respondent No. 7 on 19.02.2018, after the appointment of the IRP. Summons were issued against respondent No. 7 Company and respondent
…Jai Enterprises filed a…
A settlement agreement…