The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by the financial creditor, Amrish Gupta, against the corporate debtor, M/s ASP Sealings Products Limited. The application was initially admitted, and the Corporate Insolvency Resolution Process (CIRP) was initiated. Subsequently, an appeal was filed before the NCLAT, which was later withdrawn after a settlement agreement was reached between the parties. The current application pertains to recording the settlement and recalling the initial order.
Amrish Gupta, a financial creditor, filed an application under Section 7 of the IBC against M/s ASP Sealings Products Limited, the corporate debtor. The application was initially admitted, leading to the commencement of the CIRP. An appeal was filed before the NCLAT against the order admitting the application, but it was later withdrawn after a settlement agreement was reached between the parties on 17.02.2020. The settlement involved the corporate debtor paying Rs. 25.00 lakhs, with the remaining amount to be paid through post-dated cheques. The Resolution Professional made a public announcement on 15.02.2020, with the last date for filing claims being 26.02.2020. The CoC had not been constituted. The Resolution Professional incurred expenses of Rs. 1,50,000 for the
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An order was passed admitting the application…
The parties ex…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by the financial creditor, Amrish Gupta, against the corporate debtor, M/s ASP Sealings Products Limited. The application was initially admitted, and the Corporate Insolvency Resolution Process (CIRP) was initiated. Subsequently, an appeal was filed before the NCLAT, which was later withdrawn after a settlement agreement was reached between the parties. The current application pertains to recording the settlement and recalling the initial order.
Amrish Gupta, a financial creditor, filed an application under Section 7 of the IBC against M/s ASP Sealings Products Limited, the corporate debtor. The application was initially admitted, leading to the commencement of the CIRP. An appeal was filed before the NCLAT against the order admitting the application, but it was later withdrawn after a settlement agreement was reached between the parties on 17.02.2020. The settlement involved the corporate debtor paying Rs. 25.00 lakhs, with the remaining amount to be paid through post-dated cheques. The Resolution Professional made a public announcement on 15.02.2020, with the last date for filing claims being 26.02.2020. The CoC had not been constituted. The Resolution Professional incurred expenses of Rs. 1,50,000 for the
…An order was passed admitting the application…
The parties ex…