The case involves an appeal concerning a settlement agreement between the Appellant (Aarif Abdul Razak Chunawala) and the Financial Creditor. The Appellant had agreed to pay 12 Crores in 2021, but only Rs. 5.50 Crores were paid, with Rs. 6.50 Crores remaining outstanding. The Appellant claims to accept liability and intends to pay the remaining amount. The Corporate Debtor, a Real Estate Company, is facing potential jeopardy if insolvency proceedings continue.
Aarif Abdul Razak Chunawala (Appellant) entered into a settlement agreement with a Financial Creditor to pay 12 Crores in 2021. The Appellant paid Rs. 5.50 Crores but failed to pay the remaining Rs. 6.50 Crores. The Appellant claims to accept liability and intends to pay the outstanding amount. The Respondent claims that the Appellant's cheques bounced and a promised payment from 06.06.2022 was not made. The Corporate Debtor is a Real Estate Company. The Appellant's counsel stated that they will pay Rs. 2 Crores within two weeks and the rest within three months. The IRP is instructed to keep the company as a going concern but not take further steps in the CIRP, provided the payment is made.
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The case involves an appeal concerning a settlement agreement between the Appellant (Aarif Abdul Razak Chunawala) and the Financial Creditor. The Appellant had agreed to pay 12 Crores in 2021, but only Rs. 5.50 Crores were paid, with Rs. 6.50 Crores remaining outstanding. The Appellant claims to accept liability and intends to pay the remaining amount. The Corporate Debtor, a Real Estate Company, is facing potential jeopardy if insolvency proceedings continue.
Aarif Abdul Razak Chunawala (Appellant) entered into a settlement agreement with a Financial Creditor to pay 12 Crores in 2021. The Appellant paid Rs. 5.50 Crores but failed to pay the remaining Rs. 6.50 Crores. The Appellant claims to accept liability and intends to pay the outstanding amount. The Respondent claims that the Appellant's cheques bounced and a promised payment from 06.06.2022 was not made. The Corporate Debtor is a Real Estate Company. The Appellant's counsel stated that they will pay Rs. 2 Crores within two weeks and the rest within three months. The IRP is instructed to keep the company as a going concern but not take further steps in the CIRP, provided the payment is made.
Appellant entered into…
Appellant stated they…
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