Mr. Adnan Azhar Ebrahim, a financial creditor, filed C.P.(IB) No. 50/BB/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Bharath Hi-Tech Builders Pvt. Ltd. The petition was based on the corporate debtor's alleged default of Rs. 23,49,325, comprising principal, interest, and penal interest as of May 31, 2018. The case was listed for admission on multiple dates, but the parties eventually reached a settlement.
Mr. Adnan Azhar Ebrahim, the financial creditor, filed a petition against M/s. Bharath Hi-Tech Builders Pvt. Ltd., the corporate debtor, claiming a default of Rs. 23,49,325 as of May 31, 2018. This amount included principal, interest, and penal interest. The financial creditor sought to initiate CIRP under Section 7 of the IBC. The corporate debtor approached the financial creditor for settlement, and they agreed on a settlement amount of Rs. 17,00,000. The corporate debtor assured payment in three equal installments via post-dated cheques. The financial creditor agreed to forego additional interest and legal fees upon receiving the settlement amount. The corporate debtor had already paid Rs. 21,348 towards interest. The settlement involved specific payment dates in
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Mr. Adnan Azhar Ebrahim, a financial creditor, filed C.P.(IB) No. 50/BB/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Bharath Hi-Tech Builders Pvt. Ltd. The petition was based on the corporate debtor's alleged default of Rs. 23,49,325, comprising principal, interest, and penal interest as of May 31, 2018. The case was listed for admission on multiple dates, but the parties eventually reached a settlement.
Mr. Adnan Azhar Ebrahim, the financial creditor, filed a petition against M/s. Bharath Hi-Tech Builders Pvt. Ltd., the corporate debtor, claiming a default of Rs. 23,49,325 as of May 31, 2018. This amount included principal, interest, and penal interest. The financial creditor sought to initiate CIRP under Section 7 of the IBC. The corporate debtor approached the financial creditor for settlement, and they agreed on a settlement amount of Rs. 17,00,000. The corporate debtor assured payment in three equal installments via post-dated cheques. The financial creditor agreed to forego additional interest and legal fees upon receiving the settlement amount. The corporate debtor had already paid Rs. 21,348 towards interest. The settlement involved specific payment dates in
…Corporate Debtor's…
The case was li…
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