This is a Company Appeal (AT) (Insolvency) No. 537 of 2020 before the National Company Law Appellate Tribunal, New Delhi. The appeal was filed by the Appellant, a Director and Shareholder of the Corporate Debtor, seeking to record the Terms of Settlement Agreement executed between the Appellant and the Respondent, who is the Operational Creditor. The Operational Creditor had initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 9 of the Insolvency and Bankruptcy Code (IBC).
Rahul Gupta, the Appellant, is a Director and Shareholder of the Corporate Debtor. G Trans Logistics (India) Pvt. Ltd., the Respondent, is the Operational Creditor. The Operational Creditor initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the application under Section 9, leading to the commencement of CIRP. Subsequently, the Appellant and the Respondent entered into a Settlement Agreement, where the Corporate Debtor agreed to pay Rs.85.00 Lakh to the Operational Creditor as full and final settlement of all claims. The Interim Resolution Professional (IRP) had issued a public announcement, but the Committee of Creditors (CoC) had not been
…Sign in to view the parties.
The Adjudicating Authority admitted the…
The NCLAT took the Settlement terms on record…
This is a Company Appeal (AT) (Insolvency) No. 537 of 2020 before the National Company Law Appellate Tribunal, New Delhi. The appeal was filed by the Appellant, a Director and Shareholder of the Corporate Debtor, seeking to record the Terms of Settlement Agreement executed between the Appellant and the Respondent, who is the Operational Creditor. The Operational Creditor had initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 9 of the Insolvency and Bankruptcy Code (IBC).
Rahul Gupta, the Appellant, is a Director and Shareholder of the Corporate Debtor. G Trans Logistics (India) Pvt. Ltd., the Respondent, is the Operational Creditor. The Operational Creditor initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the application under Section 9, leading to the commencement of CIRP. Subsequently, the Appellant and the Respondent entered into a Settlement Agreement, where the Corporate Debtor agreed to pay Rs.85.00 Lakh to the Operational Creditor as full and final settlement of all claims. The Interim Resolution Professional (IRP) had issued a public announcement, but the Committee of Creditors (CoC) had not been
…The Adjudicating Authority admitted the…
The NCLAT took the Settlement terms on record…