The case involves an appeal against an order related to the Corporate Insolvency Resolution Process (CIRP). The appellant sought preponement of the hearing due to a settlement reached with the respondent, who is a Financial Creditor. The settlement was reached after the initiation of CIRP but before the constitution of the Committee of Creditors (CoC). The Interim Resolution Professional (IRP) had been directed not to constitute the CoC.
The Appellant, Hemant Surana, filed an appeal against an order related to the Corporate Insolvency Resolution Process (CIRP). The appellant sought preponement of the hearing due to a settlement reached with the Respondent, Viswanatha Balasubramanian, who is a Financial Creditor. The settlement was reached after the initiation of CIRP but before the constitution of the Committee of Creditors (CoC). An interim order had directed the Interim Resolution Professional (IRP) not to constitute the CoC. The Corporate Debtor and the Financial Creditor reached an amicable settlement regarding the amount claimed. The terms of the settlement were recorded in a Settlement Agreement. The Respondent's counsel admitted that the terms of the settlement were conscionable and satisfied
…Sign in to view the parties.
Interim order passed directing the Interim…
Settlement Agreement dated 10th June, 2019,…
Sign in to view related legal provisions.
The case involves an appeal against an order related to the Corporate Insolvency Resolution Process (CIRP). The appellant sought preponement of the hearing due to a settlement reached with the respondent, who is a Financial Creditor. The settlement was reached after the initiation of CIRP but before the constitution of the Committee of Creditors (CoC). The Interim Resolution Professional (IRP) had been directed not to constitute the CoC.
The Appellant, Hemant Surana, filed an appeal against an order related to the Corporate Insolvency Resolution Process (CIRP). The appellant sought preponement of the hearing due to a settlement reached with the Respondent, Viswanatha Balasubramanian, who is a Financial Creditor. The settlement was reached after the initiation of CIRP but before the constitution of the Committee of Creditors (CoC). An interim order had directed the Interim Resolution Professional (IRP) not to constitute the CoC. The Corporate Debtor and the Financial Creditor reached an amicable settlement regarding the amount claimed. The terms of the settlement were recorded in a Settlement Agreement. The Respondent's counsel admitted that the terms of the settlement were conscionable and satisfied
…Interim order passed directing the Interim…
Settlement Agreement dated 10th June, 2019,…
Sign in to view related legal provisions.