This case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal) admitting a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, the erstwhile director of Angel Promoters Pvt. Ltd. (Corporate Debtor), challenges the admission of the petition filed by the financial creditors. The corporate debtor had availed a loan from the financial creditors and defaulted on repayment. A settlement agreement was reached, and the first petition filed by the financial creditors was withdrawn. However, the corporate debtor failed to adhere to the terms of the settlement, leading the financial creditors to file a second petition under Section 7 of the IBC, which was admitted by the Adjudicating
…Angel Promoters Pvt. Ltd. (Corporate Debtor) availed a loan from financial creditors. Upon defaulting, the creditors initiated insolvency proceedings under Section 7 of the IBC. A settlement was reached on 2018-07-26, leading to the withdrawal of the initial insolvency petition on 2018-07-27. The settlement involved the Corporate Debtor agreeing to pay Rs. 4,34,00,000/- plus interest. The Corporate Debtor failed to make timely payments, and post-dated cheques were dishonored. The Financial Creditors then filed a second petition under Section 7 of the IBC. The Adjudicating Authority admitted the second petition on 2023-12-20. The erstwhile director of the Corporate Debtor filed an appeal against this order. The appellant deposited Rs. 3,34,07,686/- by way of FDR in the
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A settlement agreement…
The first petition…
This case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal) admitting a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, the erstwhile director of Angel Promoters Pvt. Ltd. (Corporate Debtor), challenges the admission of the petition filed by the financial creditors. The corporate debtor had availed a loan from the financial creditors and defaulted on repayment. A settlement agreement was reached, and the first petition filed by the financial creditors was withdrawn. However, the corporate debtor failed to adhere to the terms of the settlement, leading the financial creditors to file a second petition under Section 7 of the IBC, which was admitted by the Adjudicating
…Angel Promoters Pvt. Ltd. (Corporate Debtor) availed a loan from financial creditors. Upon defaulting, the creditors initiated insolvency proceedings under Section 7 of the IBC. A settlement was reached on 2018-07-26, leading to the withdrawal of the initial insolvency petition on 2018-07-27. The settlement involved the Corporate Debtor agreeing to pay Rs. 4,34,00,000/- plus interest. The Corporate Debtor failed to make timely payments, and post-dated cheques were dishonored. The Financial Creditors then filed a second petition under Section 7 of the IBC. The Adjudicating Authority admitted the second petition on 2023-12-20. The erstwhile director of the Corporate Debtor filed an appeal against this order. The appellant deposited Rs. 3,34,07,686/- by way of FDR in the
…A settlement agreement…
The first petition…