The case involves an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code (I&B Code) for initiating Corporate Insolvency Resolution Process (CIRP) against AIMS Sanya Developers Pvt. Ltd. ('Corporate Debtor'). The application was filed by Roopali Agarwal ('Operational Creditor'). The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, admitted the application on 02.01.2019, which was challenged by Roop Kishore Madan, shareholder and Managing Director of the Corporate Debtor.
On 12.02.2019, Roopali Agarwal, an Operational Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code to initiate Corporate Insolvency Resolution Process against AIMS Sanya Developers Pvt. Ltd., the Corporate Debtor. The Adjudicating Authority admitted the application on 02.01.2019. Roop Kishore Madan, shareholder and Managing Director of the Corporate Debtor, challenged this admission. Prior to the admission, the parties had settled the matter on 29.12.2018, and a flat had been handed over by another sister concern. The settlement agreement was dated 29.12.2018. The case was heard on 17.12.2018, and the judgment was delivered on 2nd January, 2019. The settlement was not brought to the notice of the Adjudicating Authority. The Respondent
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The case involves an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code (I&B Code) for initiating Corporate Insolvency Resolution Process (CIRP) against AIMS Sanya Developers Pvt. Ltd. ('Corporate Debtor'). The application was filed by Roopali Agarwal ('Operational Creditor'). The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, admitted the application on 02.01.2019, which was challenged by Roop Kishore Madan, shareholder and Managing Director of the Corporate Debtor.
On 12.02.2019, Roopali Agarwal, an Operational Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code to initiate Corporate Insolvency Resolution Process against AIMS Sanya Developers Pvt. Ltd., the Corporate Debtor. The Adjudicating Authority admitted the application on 02.01.2019. Roop Kishore Madan, shareholder and Managing Director of the Corporate Debtor, challenged this admission. Prior to the admission, the parties had settled the matter on 29.12.2018, and a flat had been handed over by another sister concern. The settlement agreement was dated 29.12.2018. The case was heard on 17.12.2018, and the judgment was delivered on 2nd January, 2019. The settlement was not brought to the notice of the Adjudicating Authority. The Respondent
…The case…
The parties settled the…