The case involves an appeal against the rejection of an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) for initiating Corporate Insolvency Resolution Process (CIRP) against ‘M/s Global Fragrances (P) Ltd.' (Corporate Debtor). The application was filed by ‘M/s Syndicate Interglobe’ (Operational Creditor). The Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-III rejected the application on September 25, 2019. Before the constitution of the Committee of Creditors (CoC), the parties reached Terms of Settlement on October 30, 2019.
The Operational Creditor, ‘M/s Syndicate Interglobe’, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, ‘M/s Global Fragrances (P) Ltd.’. The Adjudicating Authority rejected this application on September 25, 2019. Subsequently, before the constitution of the Committee of Creditors, the parties reached a Terms of Settlement on October 30, 2019. The Operational Creditor then filed an application for withdrawal of the initial application under Section 9, but the Adjudicating Authority adjourned the matter on October 31, 2019. A portion of the payment as per the settlement had been paid, and the remaining amount was payable. The Interim Resolution
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The Adjudicating Authority (National Company Law…
The parties reached Terms of Settlement…
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The case involves an appeal against the rejection of an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) for initiating Corporate Insolvency Resolution Process (CIRP) against ‘M/s Global Fragrances (P) Ltd.' (Corporate Debtor). The application was filed by ‘M/s Syndicate Interglobe’ (Operational Creditor). The Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-III rejected the application on September 25, 2019. Before the constitution of the Committee of Creditors (CoC), the parties reached Terms of Settlement on October 30, 2019.
The Operational Creditor, ‘M/s Syndicate Interglobe’, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, ‘M/s Global Fragrances (P) Ltd.’. The Adjudicating Authority rejected this application on September 25, 2019. Subsequently, before the constitution of the Committee of Creditors, the parties reached a Terms of Settlement on October 30, 2019. The Operational Creditor then filed an application for withdrawal of the initial application under Section 9, but the Adjudicating Authority adjourned the matter on October 31, 2019. A portion of the payment as per the settlement had been paid, and the remaining amount was payable. The Interim Resolution
…The Adjudicating Authority (National Company Law…
The parties reached Terms of Settlement…
Sign in to view related legal provisions.