Socrato Capital Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Tirumala Realcon Private Limited, the Corporate Debtor. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, admitted the application on October 31, 2019. The Appellant, Director, challenged the order, expressing intent to settle the matter. The Interim Resolution Professional was directed not to constitute the Committee of Creditors. The Appellant agreed to pay the total claimed amount of Rs. 2,48,41,009/- along with interest.
Socrato Capital Private Limited (Financial Creditor) initiated Corporate Insolvency Resolution Process against Tirumala Realcon Private Limited (Corporate Debtor) by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on October 31, 2019. Saurav Garg (Appellant), the Director, challenged the order, stating an intention to settle the matter. The Appellant agreed to pay Rs. 2,48,41,009/- along with interest. Demand drafts were issued by the Appellant to the Respondent. The Interim Resolution Professional (IRP) received only one claim from Socrato Capital Pvt Ltd. The Appellant handed over four demand drafts totaling Rs. 1,03,56,996/- to the Respondent's counsel. The Appellant agreed to pay
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The Adjudicating Authority admitted the…
The Appellant's counsel submitted that the…
Socrato Capital Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Tirumala Realcon Private Limited, the Corporate Debtor. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, admitted the application on October 31, 2019. The Appellant, Director, challenged the order, expressing intent to settle the matter. The Interim Resolution Professional was directed not to constitute the Committee of Creditors. The Appellant agreed to pay the total claimed amount of Rs. 2,48,41,009/- along with interest.
Socrato Capital Private Limited (Financial Creditor) initiated Corporate Insolvency Resolution Process against Tirumala Realcon Private Limited (Corporate Debtor) by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on October 31, 2019. Saurav Garg (Appellant), the Director, challenged the order, stating an intention to settle the matter. The Appellant agreed to pay Rs. 2,48,41,009/- along with interest. Demand drafts were issued by the Appellant to the Respondent. The Interim Resolution Professional (IRP) received only one claim from Socrato Capital Pvt Ltd. The Appellant handed over four demand drafts totaling Rs. 1,03,56,996/- to the Respondent's counsel. The Appellant agreed to pay
…The Adjudicating Authority admitted the…
The Appellant's counsel submitted that the…