This is a Company Appeal (AT) (Insolvency) No.561 of 2023 filed against an order dated 17.03.2023 passed by the Adjudicating Authority, which admitted a Section 7 application filed by the Financial Creditor. The appellant challenged the impugned order, stating that the application by the Financial Creditor was for a principal debt of Rs. 2,17,25,000/- and there were three applicants. An interim order was passed on 18.05.2023, directing the appellant to deposit Rs. 1,22,25,000/-. An I.A. No. 4219 of 2023 was filed for closure of the Corporate Insolvency Resolution Process (CIRP) due to a settlement between the parties dated 23.08.2023.
The Financial Creditor filed an application under Section 7 of the IBC, which was admitted by the Adjudicating Authority on 17.03.2023. The appellant, Monika Manish Bhasin & Anr., challenged this order, arguing that the application was for a principal debt of Rs. 2,17,25,000/- and involved three applicants. The Corporate Debtor acknowledged the debt and admitted CIRP, appointing an IRP. An interim order was passed on 18.05.2023, directing the appellant to deposit Rs. 1,22,25,000/-, which they complied with. Subsequently, the parties reached a settlement on 23.08.2023, and an I.A. No. 4219 of 2023 was filed for the closure of the CIRP. The Financial Creditors, holding more than 90% of the CoC, supported the settlement. The appellant had deposited a demand draft
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This is a Company Appeal (AT) (Insolvency) No.561 of 2023 filed against an order dated 17.03.2023 passed by the Adjudicating Authority, which admitted a Section 7 application filed by the Financial Creditor. The appellant challenged the impugned order, stating that the application by the Financial Creditor was for a principal debt of Rs. 2,17,25,000/- and there were three applicants. An interim order was passed on 18.05.2023, directing the appellant to deposit Rs. 1,22,25,000/-. An I.A. No. 4219 of 2023 was filed for closure of the Corporate Insolvency Resolution Process (CIRP) due to a settlement between the parties dated 23.08.2023.
The Financial Creditor filed an application under Section 7 of the IBC, which was admitted by the Adjudicating Authority on 17.03.2023. The appellant, Monika Manish Bhasin & Anr., challenged this order, arguing that the application was for a principal debt of Rs. 2,17,25,000/- and involved three applicants. The Corporate Debtor acknowledged the debt and admitted CIRP, appointing an IRP. An interim order was passed on 18.05.2023, directing the appellant to deposit Rs. 1,22,25,000/-, which they complied with. Subsequently, the parties reached a settlement on 23.08.2023, and an I.A. No. 4219 of 2023 was filed for the closure of the CIRP. The Financial Creditors, holding more than 90% of the CoC, supported the settlement. The appellant had deposited a demand draft
…The Adjudicating Authority passed an order…
The court passed an…
Sign in to view related legal provisions.