The case involves an appeal against the initiation of a corporate insolvency resolution process. The parties, Datamatics Digital Limited (Appellant) and Sipani Online Pvt. Ltd. (Respondent), reached an amicable settlement. The settlement was formalized in a 'Memorandum of Settlement' executed on December 30, 2019. The order of admission of the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, was passed on July 18, 2019.
Datamatics Digital Limited filed an appeal against Sipani Online Pvt. Ltd. regarding a corporate insolvency resolution process. Before the 'Committee of Creditors' was formed, both parties reached a settlement on December 30, 2019. The NCLAT acknowledged this settlement, noting it occurred before the committee's formation. The original application under Section 9 of the I&B Code was withdrawn. The NCLAT invoked its powers under Rule 11 of the NCLAT Rules, 2016, to allow the settlement. The order admitting the insolvency application was passed on July 18, 2019. The Resolution Professional's fees were increased to Rs. 2,00,000, with the appellant responsible for paying the remaining Rs. 1,50,000. The corporate debtor is now free to operate independently.
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Order of admission of application under Section…
Parties exec…
The case involves an appeal against the initiation of a corporate insolvency resolution process. The parties, Datamatics Digital Limited (Appellant) and Sipani Online Pvt. Ltd. (Respondent), reached an amicable settlement. The settlement was formalized in a 'Memorandum of Settlement' executed on December 30, 2019. The order of admission of the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, was passed on July 18, 2019.
Datamatics Digital Limited filed an appeal against Sipani Online Pvt. Ltd. regarding a corporate insolvency resolution process. Before the 'Committee of Creditors' was formed, both parties reached a settlement on December 30, 2019. The NCLAT acknowledged this settlement, noting it occurred before the committee's formation. The original application under Section 9 of the I&B Code was withdrawn. The NCLAT invoked its powers under Rule 11 of the NCLAT Rules, 2016, to allow the settlement. The order admitting the insolvency application was passed on July 18, 2019. The Resolution Professional's fees were increased to Rs. 2,00,000, with the appellant responsible for paying the remaining Rs. 1,50,000. The corporate debtor is now free to operate independently.
Order of admission of application under Section…
Parties exec…