Kunal Finance & Credit Pvt. Ltd. filed C.P. (IB) No.198/BB/2019 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bhoruka Power Corporation Limited, the Corporate Debtor, due to a default of Rs. 1,36,24,382/-, including principal and interest. The case was listed on multiple dates for admission but was adjourned at the request of the parties to allow for completion of pleadings and settlement discussions.
Kunal Finance & Credit Pvt. Ltd. initiated CIRP against Bhoruka Power Corporation Limited under Section 7 of the IBC, claiming a default of Rs. 1,36,24,382/-, comprising Rs. 1,25,00,000/- principal and Rs. 11,24,382/- interest. The case was listed for admission on 11.06.2019, 09.07.2019, 15.07.2019, 26.07.2019, and 31.07.2019 but was adjourned for settlement. Both parties' counsels submitted that the issue had been settled amicably. The Petitioner sought to withdraw the petition, which the Tribunal permitted, reserving the right to file a fresh case if the Respondent defaults on the settlement terms. The key fact is the amicable settlement leading to the withdrawal of the CIRP application.
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The case was initially…
The case was li…
Kunal Finance & Credit Pvt. Ltd. filed C.P. (IB) No.198/BB/2019 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bhoruka Power Corporation Limited, the Corporate Debtor, due to a default of Rs. 1,36,24,382/-, including principal and interest. The case was listed on multiple dates for admission but was adjourned at the request of the parties to allow for completion of pleadings and settlement discussions.
Kunal Finance & Credit Pvt. Ltd. initiated CIRP against Bhoruka Power Corporation Limited under Section 7 of the IBC, claiming a default of Rs. 1,36,24,382/-, comprising Rs. 1,25,00,000/- principal and Rs. 11,24,382/- interest. The case was listed for admission on 11.06.2019, 09.07.2019, 15.07.2019, 26.07.2019, and 31.07.2019 but was adjourned for settlement. Both parties' counsels submitted that the issue had been settled amicably. The Petitioner sought to withdraw the petition, which the Tribunal permitted, reserving the right to file a fresh case if the Respondent defaults on the settlement terms. The key fact is the amicable settlement leading to the withdrawal of the CIRP application.
The case was initially…
The case was li…