The case involves an appeal against the admission of a Section 9 application by the Adjudicating Authority. A settlement was entered between the parties on 03.07.2020, requiring the Corporate Debtor to pay a settled amount in 21 installments from August 2020 to March 2022. 20 installments were paid, but the last installment was not. The Operational Creditor filed an application under Section 9, disregarding the settlement. The last installment was paid by the Appellant during the pendency of the proceedings.
A settlement was reached between the parties on 03.07.2020, outlining a payment schedule for the Corporate Debtor involving 21 installments from August 2020 to March 2022. The Corporate Debtor made 20 installment payments, but failed to pay the final installment. The Operational Creditor, despite accepting the previous payments, filed an application under Section 9 of the IBC, disregarding the settlement. The Appellant paid the last installment during the pendency of the proceedings before the Adjudicating Authority. The Adjudicating Authority admitted the Section 9 application. The Appellant claims to be a healthy company with a substantial turnover and workforce.
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Settlement entered between the Parties,…
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The case involves an appeal against the admission of a Section 9 application by the Adjudicating Authority. A settlement was entered between the parties on 03.07.2020, requiring the Corporate Debtor to pay a settled amount in 21 installments from August 2020 to March 2022. 20 installments were paid, but the last installment was not. The Operational Creditor filed an application under Section 9, disregarding the settlement. The last installment was paid by the Appellant during the pendency of the proceedings.
A settlement was reached between the parties on 03.07.2020, outlining a payment schedule for the Corporate Debtor involving 21 installments from August 2020 to March 2022. The Corporate Debtor made 20 installment payments, but failed to pay the final installment. The Operational Creditor, despite accepting the previous payments, filed an application under Section 9 of the IBC, disregarding the settlement. The Appellant paid the last installment during the pendency of the proceedings before the Adjudicating Authority. The Adjudicating Authority admitted the Section 9 application. The Appellant claims to be a healthy company with a substantial turnover and workforce.
Settlement entered between the Parties,…
Installment payments commenced as per the…
Sign in to view related legal provisions.