This case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal) admitting an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by financial creditors against Angel Promoters Pvt. Ltd. (Corporate Debtor). The Corporate Debtor had availed a loan from the financial creditors and defaulted in repayment. A prior settlement agreement was reached, and the initial petition was withdrawn. However, due to further defaults by the Corporate Debtor, the financial creditors filed a second petition, which was admitted, leading to the present appeal by the erstwhile director of the Corporate Debtor.
Angel Promoters Pvt. Ltd. (Corporate Debtor) availed a loan from financial creditors. The Corporate Debtor defaulted on the loan repayment, leading the financial creditors to file a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the pendency of the first petition, a settlement agreement was reached between the parties on 26.07.2018, where the Corporate Debtor agreed to pay Rs. 4,34,00,000/- plus interest. The first petition was withdrawn on 27.07.2018 based on this settlement. The Corporate Debtor failed to make timely payments as per the settlement agreement, with post-dated cheques being dishonored or requests for extensions. The Corporate Debtor paid Rs. 1,10,00,000/- but continued to default. The financial creditors filed a second
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A settlement agreement was arrived at between…
The first petition under Section 7 of the IBC…
This case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal) admitting an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by financial creditors against Angel Promoters Pvt. Ltd. (Corporate Debtor). The Corporate Debtor had availed a loan from the financial creditors and defaulted in repayment. A prior settlement agreement was reached, and the initial petition was withdrawn. However, due to further defaults by the Corporate Debtor, the financial creditors filed a second petition, which was admitted, leading to the present appeal by the erstwhile director of the Corporate Debtor.
Angel Promoters Pvt. Ltd. (Corporate Debtor) availed a loan from financial creditors. The Corporate Debtor defaulted on the loan repayment, leading the financial creditors to file a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the pendency of the first petition, a settlement agreement was reached between the parties on 26.07.2018, where the Corporate Debtor agreed to pay Rs. 4,34,00,000/- plus interest. The first petition was withdrawn on 27.07.2018 based on this settlement. The Corporate Debtor failed to make timely payments as per the settlement agreement, with post-dated cheques being dishonored or requests for extensions. The Corporate Debtor paid Rs. 1,10,00,000/- but continued to default. The financial creditors filed a second
…A settlement agreement was arrived at between…
The first petition under Section 7 of the IBC…