Mr. Xerxes Adi Shahiwalla, a financial creditor, filed C.P(IB) No.51/BB/2019 under Section 7 of the I&B Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Bharath Hi-Tech Builders Pvt. Ltd. (Corporate Debtor) due to a default of Rs. 49,27,806/- consisting of principal, interest, and penal interest. The Corporate Debtor approached the Financial Creditor for settlement and requested time to make payment. The Financial Creditor agreed to settle upon receiving Rs. 34,00,000/- from the Corporate Debtor, comprising Rs. 30,00,000/- towards principal and Rs. 4,00,000/- towards interest.
Mr. Xerxes Adi Shahiwalla (Financial Creditor) filed a petition against M/s. Bharath Hi-Tech Builders Pvt. Ltd. (Corporate Debtor) under Section 7 of the I&B Code, 2016, claiming a default of Rs. 49,27,806/-. This amount included principal, interest, and penal interest as of May 31, 2018. The Corporate Debtor sought settlement, and the Financial Creditor agreed to accept Rs. 34,00,000/- in full settlement. The Corporate Debtor assured payment in five equal installments via post-dated cheques. The Financial Creditor agreed to forego additional interest and legal fees. The Corporate Debtor had already paid Rs. 80,479/- towards interest. The balance amount of Rs. 33,19,521/- (Rs. 30,00,000/- principal and Rs. 3,19,521/- interest) was to be paid in five installments
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Mr. Xerxes Adi Shahiwalla, a financial creditor, filed C.P(IB) No.51/BB/2019 under Section 7 of the I&B Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Bharath Hi-Tech Builders Pvt. Ltd. (Corporate Debtor) due to a default of Rs. 49,27,806/- consisting of principal, interest, and penal interest. The Corporate Debtor approached the Financial Creditor for settlement and requested time to make payment. The Financial Creditor agreed to settle upon receiving Rs. 34,00,000/- from the Corporate Debtor, comprising Rs. 30,00,000/- towards principal and Rs. 4,00,000/- towards interest.
Mr. Xerxes Adi Shahiwalla (Financial Creditor) filed a petition against M/s. Bharath Hi-Tech Builders Pvt. Ltd. (Corporate Debtor) under Section 7 of the I&B Code, 2016, claiming a default of Rs. 49,27,806/-. This amount included principal, interest, and penal interest as of May 31, 2018. The Corporate Debtor sought settlement, and the Financial Creditor agreed to accept Rs. 34,00,000/- in full settlement. The Corporate Debtor assured payment in five equal installments via post-dated cheques. The Financial Creditor agreed to forego additional interest and legal fees. The Corporate Debtor had already paid Rs. 80,479/- towards interest. The balance amount of Rs. 33,19,521/- (Rs. 30,00,000/- principal and Rs. 3,19,521/- interest) was to be paid in five installments
…Order issued…
Consent Terms submitted…
Sign in to view related legal provisions.