The case involves an appeal against the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The Operational Creditor, Industrial X-Ray & Allied Radiographers Pvt. Ltd., had filed an application against the Corporate Debtor, Indus Projects Ltd. After the admission of the application but before the constitution of the Committee of Creditors, the parties reached a settlement. The terms of the settlement involved the Corporate Debtor paying Rs. 44,50,000 to the Operational Creditor in full and final settlement of all claims. The settlement also included post-dated cheques to be issued by the Corporate Debtor.
On 2019-11-25, Industrial X-Ray & Allied Radiographers Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against Indus Projects Ltd. (Corporate Debtor). After the application's admission but before the constitution of the Committee of Creditors, the parties reached a settlement. The Corporate Debtor agreed to pay Rs. 44,50,000 to the Operational Creditor in full and final settlement, with post-dated cheques issued. The settlement terms stipulated that upon execution and compliance, both parties' claims would be fully settled, and neither party would file any further claims. The Corporate Debtor undertook to pay the agreed amount by the
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The case involves an appeal against the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The Operational Creditor, Industrial X-Ray & Allied Radiographers Pvt. Ltd., had filed an application against the Corporate Debtor, Indus Projects Ltd. After the admission of the application but before the constitution of the Committee of Creditors, the parties reached a settlement. The terms of the settlement involved the Corporate Debtor paying Rs. 44,50,000 to the Operational Creditor in full and final settlement of all claims. The settlement also included post-dated cheques to be issued by the Corporate Debtor.
On 2019-11-25, Industrial X-Ray & Allied Radiographers Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against Indus Projects Ltd. (Corporate Debtor). After the application's admission but before the constitution of the Committee of Creditors, the parties reached a settlement. The Corporate Debtor agreed to pay Rs. 44,50,000 to the Operational Creditor in full and final settlement, with post-dated cheques issued. The settlement terms stipulated that upon execution and compliance, both parties' claims would be fully settled, and neither party would file any further claims. The Corporate Debtor undertook to pay the agreed amount by the
…NCLT appointed…
Parties reached a…