Sunrise 14 A/S Denmark, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Metalore Overseas Pvt. Ltd., the corporate debtor. The National Company Law Tribunal (NCLT), Principal Bench, New Delhi, admitted the application via an order dated May 13, 2019. Shyam Kumar Garg, a shareholder of Metalore Overseas Pvt. Ltd., filed an appeal against this order. During the pendency of the appeal, the parties reached a settlement, and a settlement agreement was executed on June 4, 2019.
Sunrise 14 A/S Denmark ('Financial Creditor') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Metalore Overseas Pvt. Ltd. ('Corporate Debtor'). The NCLT admitted the application on May 13, 2019. Shyam Kumar Garg, a shareholder of Metalore Overseas Pvt. Ltd., appealed the NCLT's decision. During the appeal, the parties reached a settlement where Metalore Promotors agreed to pay USD 150,000 to Sunrise 14 A/S Denmark. The outstanding amount payable by Metalore to MTF as of May 1, 2018, was USD 222,722. The Interim Resolution Professional (IRP), Mr. Anil Bhatia, had incurred expenses of Rs.1,65,000 and worked for 30 days. The settlement was conditional upon the IRP transferring the settlement amount to MTF's designated account upon
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Sunrise 14 A/S Denmark, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Metalore Overseas Pvt. Ltd., the corporate debtor. The National Company Law Tribunal (NCLT), Principal Bench, New Delhi, admitted the application via an order dated May 13, 2019. Shyam Kumar Garg, a shareholder of Metalore Overseas Pvt. Ltd., filed an appeal against this order. During the pendency of the appeal, the parties reached a settlement, and a settlement agreement was executed on June 4, 2019.
Sunrise 14 A/S Denmark ('Financial Creditor') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Metalore Overseas Pvt. Ltd. ('Corporate Debtor'). The NCLT admitted the application on May 13, 2019. Shyam Kumar Garg, a shareholder of Metalore Overseas Pvt. Ltd., appealed the NCLT's decision. During the appeal, the parties reached a settlement where Metalore Promotors agreed to pay USD 150,000 to Sunrise 14 A/S Denmark. The outstanding amount payable by Metalore to MTF as of May 1, 2018, was USD 222,722. The Interim Resolution Professional (IRP), Mr. Anil Bhatia, had incurred expenses of Rs.1,65,000 and worked for 30 days. The settlement was conditional upon the IRP transferring the settlement amount to MTF's designated account upon
…The National Company Law Tribunal (NCLT),…
Counsel for the…