The case involves an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code (IBC). The appellant claims to have settled more than 80% of the debt with the financial creditor through an OTS (One-Time Settlement) which is being complied with. The financial creditor has also filed an IA in the Section 7 application. The appellant entered into an OTS sanctioned on 14.11.2023, involving a payment of Rs.8 Crore, with Rs.5 Crore to be paid by the borrower and Rs.3 Crore by the guarantor. The appellant has made payments of Rs.4 Crores till 18.04.2024 and is making further payments. The appellant requested an extension of time until 30.06.2024 to complete the payment, but no communication was received from the Union Bank of India. The
…Sandeep Jindal (Appellant) is involved in a Company Appeal (AT) (Insolvency) No. 973 of 2024 against Corporation Bank (Now Union Bank of India) & Anr. (Respondents). The Appellant claims to have settled more than 80% of the debt with the Financial Creditor through an OTS. The Financial Creditor has filed an IA in the Section 7 application. An OTS was sanctioned on 14.11.2023 for Rs.8 Crore, with Rs.5 Crore to be paid by the borrower and Rs.3 Crore by the guarantor. The Appellant has made payments of Rs.4 Crores till 18.04.2024 and is making further payments. A request for extension of time till 30.06.2024 was made to the Financial Creditor, but no communication was received from the Union Bank of India. The Adjudicating Authority admitted the Section 7 application.
…Sign in to view the parties.
OTS sanctioned for Rs.8 Crore, with Rs.5 Crore…
Appellant made payment…
The case involves an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code (IBC). The appellant claims to have settled more than 80% of the debt with the financial creditor through an OTS (One-Time Settlement) which is being complied with. The financial creditor has also filed an IA in the Section 7 application. The appellant entered into an OTS sanctioned on 14.11.2023, involving a payment of Rs.8 Crore, with Rs.5 Crore to be paid by the borrower and Rs.3 Crore by the guarantor. The appellant has made payments of Rs.4 Crores till 18.04.2024 and is making further payments. The appellant requested an extension of time until 30.06.2024 to complete the payment, but no communication was received from the Union Bank of India. The
…Sandeep Jindal (Appellant) is involved in a Company Appeal (AT) (Insolvency) No. 973 of 2024 against Corporation Bank (Now Union Bank of India) & Anr. (Respondents). The Appellant claims to have settled more than 80% of the debt with the Financial Creditor through an OTS. The Financial Creditor has filed an IA in the Section 7 application. An OTS was sanctioned on 14.11.2023 for Rs.8 Crore, with Rs.5 Crore to be paid by the borrower and Rs.3 Crore by the guarantor. The Appellant has made payments of Rs.4 Crores till 18.04.2024 and is making further payments. A request for extension of time till 30.06.2024 was made to the Financial Creditor, but no communication was received from the Union Bank of India. The Adjudicating Authority admitted the Section 7 application.
…OTS sanctioned for Rs.8 Crore, with Rs.5 Crore…
Appellant made payment…