The case involves a settlement between the Applicant/Resolution Professional and the Promoter-Director, Mr. Pradeep Aggarwal, regarding Kapoli land. The Resolution Applicant sought to record the terms of the settlement, where Mr. Aggarwal agreed to transfer the Kapoli land to the Resolution Applicant/Corporate Debtor. An application (CA613/2019) was filed, but due to the settlement, the reliefs sought in that application became infructuous.
The State Bank of India initiated proceedings against Asian Colour Coated Ispat Limited under Section 7 of the Insolvency & Bankruptcy Code, 2016. A settlement was reached between the Resolution Professional and Mr. Pradeep Aggarwal, the Promoter-Director, concerning Kapoli land. Mr. Aggarwal agreed to transfer the Kapoli land to the Resolution Applicant/Corporate Debtor. The settlement was formalized on 2020-12-24. Several applications, including CA613/2019, IA-3372/2020, and IA-2398/2019, were filed in connection with the case. The CIRP period had already been completed. The Resolution Professional sought to record the settlement and withdraw certain applications.
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Terms of settlement dated 24.12.2020 were…
Order delivered by the NCLT, New Delhi,…
The case involves a settlement between the Applicant/Resolution Professional and the Promoter-Director, Mr. Pradeep Aggarwal, regarding Kapoli land. The Resolution Applicant sought to record the terms of the settlement, where Mr. Aggarwal agreed to transfer the Kapoli land to the Resolution Applicant/Corporate Debtor. An application (CA613/2019) was filed, but due to the settlement, the reliefs sought in that application became infructuous.
The State Bank of India initiated proceedings against Asian Colour Coated Ispat Limited under Section 7 of the Insolvency & Bankruptcy Code, 2016. A settlement was reached between the Resolution Professional and Mr. Pradeep Aggarwal, the Promoter-Director, concerning Kapoli land. Mr. Aggarwal agreed to transfer the Kapoli land to the Resolution Applicant/Corporate Debtor. The settlement was formalized on 2020-12-24. Several applications, including CA613/2019, IA-3372/2020, and IA-2398/2019, were filed in connection with the case. The CIRP period had already been completed. The Resolution Professional sought to record the settlement and withdraw certain applications.
Terms of settlement dated 24.12.2020 were…
Order delivered by the NCLT, New Delhi,…