The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal) Hyderabad Bench, which initiated the Corporate Insolvency Resolution Process (CIRP) against ‘M/s Sri Vatsa Hotels Pvt. Ltd.' (Corporate Debtor) based on an application filed by ‘M/s Sanitech Engineers & Consultants Pvt. Ltd.' (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC). The appellant, Panoramic Universal, sought to settle the matter with the respondent, Sanitech Engineers & Consultants Pvt. Ltd. The Committee of Creditors had not been constituted at the time of the appeal.
Sanitech Engineers & Consultants Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the IBC, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Sri Vatsa Hotels Pvt. Ltd. (Corporate Debtor) by the Adjudicating Authority. Panoramic Universal (Appellant) appealed this order. The Appellant and Respondent agreed to settle the matter, with the Appellant agreeing to pay Rs. 9,50,000 to the Respondent in installments. The first installment of Rs. 3,50,000 was already paid. The Appellant also agreed to pay Rs. 2,50,000 towards the fees of the Interim Resolution Professional (IRP) and Rs. 50,000 towards publication charges. The Committee of Creditors had not been constituted. The learned counsel for the Appellant
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The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal) Hyderabad Bench, which initiated the Corporate Insolvency Resolution Process (CIRP) against ‘M/s Sri Vatsa Hotels Pvt. Ltd.' (Corporate Debtor) based on an application filed by ‘M/s Sanitech Engineers & Consultants Pvt. Ltd.' (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC). The appellant, Panoramic Universal, sought to settle the matter with the respondent, Sanitech Engineers & Consultants Pvt. Ltd. The Committee of Creditors had not been constituted at the time of the appeal.
Sanitech Engineers & Consultants Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the IBC, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Sri Vatsa Hotels Pvt. Ltd. (Corporate Debtor) by the Adjudicating Authority. Panoramic Universal (Appellant) appealed this order. The Appellant and Respondent agreed to settle the matter, with the Appellant agreeing to pay Rs. 9,50,000 to the Respondent in installments. The first installment of Rs. 3,50,000 was already paid. The Appellant also agreed to pay Rs. 2,50,000 towards the fees of the Interim Resolution Professional (IRP) and Rs. 50,000 towards publication charges. The Committee of Creditors had not been constituted. The learned counsel for the Appellant
…The Adjudicating Authority (National Company…
The matter was taken up, and the Appellant's…