The case involves a Company Appeal (AT) (Insolvency) No. 2233 of 2024 before the National Company Law Appellate Tribunal, Principal Bench, New Delhi. The Corporate Debtor was running a school with six units across various locations, serving over 5000 students. Financial assistance was obtained from Financial Creditors, and a cut-back arrangement was in place, reflected in meeting minutes from February and June 2022. Under this arrangement, 20% of the monthly collection was given by the Appellant to the bank for debt servicing.
The Corporate Debtor, a school with six units and over 5000 students, received financial assistance from Financial Creditors. A cut-back arrangement was established, where 20% of the monthly collection was allocated to debt servicing. The Appellant is to approach the bank for a final settlement of dues, and the 20% cut-back may continue during the proceedings. The IRP is directed to ensure the Corporate Debtor continues as a going concern.
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Minutes of meeting…
Minutes of meeting…
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The case involves a Company Appeal (AT) (Insolvency) No. 2233 of 2024 before the National Company Law Appellate Tribunal, Principal Bench, New Delhi. The Corporate Debtor was running a school with six units across various locations, serving over 5000 students. Financial assistance was obtained from Financial Creditors, and a cut-back arrangement was in place, reflected in meeting minutes from February and June 2022. Under this arrangement, 20% of the monthly collection was given by the Appellant to the bank for debt servicing.
The Corporate Debtor, a school with six units and over 5000 students, received financial assistance from Financial Creditors. A cut-back arrangement was established, where 20% of the monthly collection was allocated to debt servicing. The Appellant is to approach the bank for a final settlement of dues, and the 20% cut-back may continue during the proceedings. The IRP is directed to ensure the Corporate Debtor continues as a going concern.
Minutes of meeting…
Minutes of meeting…
Sign in to view related legal provisions.