The case involves a petition filed by Mr. Adnan Azhar Ebrahim (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B(AAA) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Bharath Hi-Tech Builders Pvt. Ltd. (Corporate Debtor). The petition was based on the Corporate Debtor's alleged default of Rs. 23,49,325/-. The case was listed for admission on multiple dates and adjourned at the request of the parties. The parties eventually reached a settlement.
Mr. Adnan Azhar Ebrahim (Financial Creditor) filed a petition against M/s. Bharath Hi-Tech Builders Pvt. Ltd. (Corporate Debtor) under Section 7 of the IBC, alleging a default of Rs. 23,49,325/- as of May 31, 2018, comprising principal, interest, and penal interest. The Corporate Debtor approached the Financial Creditor for settlement. They agreed that the Corporate Debtor would pay Rs. 17,00,000/- in three installments, with the Financial Creditor agreeing to forego further claims upon realization of the settlement amount. The Corporate Debtor also agreed to issue TDS certificates. The Financial Creditor has till date paid a sum of INR 21,348/- to the Financial Creditor towards interest. The balance amount of INR 16,78,652/- being Rs.15,00,000/- towards principal and
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The case involves a petition filed by Mr. Adnan Azhar Ebrahim (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B(AAA) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Bharath Hi-Tech Builders Pvt. Ltd. (Corporate Debtor). The petition was based on the Corporate Debtor's alleged default of Rs. 23,49,325/-. The case was listed for admission on multiple dates and adjourned at the request of the parties. The parties eventually reached a settlement.
Mr. Adnan Azhar Ebrahim (Financial Creditor) filed a petition against M/s. Bharath Hi-Tech Builders Pvt. Ltd. (Corporate Debtor) under Section 7 of the IBC, alleging a default of Rs. 23,49,325/- as of May 31, 2018, comprising principal, interest, and penal interest. The Corporate Debtor approached the Financial Creditor for settlement. They agreed that the Corporate Debtor would pay Rs. 17,00,000/- in three installments, with the Financial Creditor agreeing to forego further claims upon realization of the settlement amount. The Corporate Debtor also agreed to issue TDS certificates. The Financial Creditor has till date paid a sum of INR 21,348/- to the Financial Creditor towards interest. The balance amount of INR 16,78,652/- being Rs.15,00,000/- towards principal and
…The Corporate Debtor…
The case was li…
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