The case pertains to C.P. (IB) No.226/BB/2019 filed by M/s. Socrato Capital Private Limited (Financial Creditor) under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Bhoruka Power Corporation Limited (Corporate Debtor) due to default on a total outstanding amount of Rs. 10,90,301/-, including principal and interest. The case was listed for admission on multiple dates and adjourned for various reasons, including completion of pleadings and settlement discussions.
M/s. Socrato Capital Private Limited, the Financial Creditor, filed C.P. (IB) No.226/BB/2019 under Section 7 of the IBC, 2016, to initiate CIRP against M/s. Bhoruka Power Corporation Limited, the Corporate Debtor. The basis for the petition was a default on an outstanding amount of Rs. 10,90,301/-, comprising Rs. 10,00,000/- as principal and Rs. 90,301/- as interest. The case was listed on multiple dates for admission but was adjourned to allow for completion of pleadings and settlement discussions. Ultimately, the parties reached an amicable settlement, leading the Financial Creditor to seek withdrawal of the petition, which the Tribunal permitted, reserving the right to refile if the settlement terms are not met. The key fact is the amicable settlement leading to the
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The case was initially…
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The case pertains to C.P. (IB) No.226/BB/2019 filed by M/s. Socrato Capital Private Limited (Financial Creditor) under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Bhoruka Power Corporation Limited (Corporate Debtor) due to default on a total outstanding amount of Rs. 10,90,301/-, including principal and interest. The case was listed for admission on multiple dates and adjourned for various reasons, including completion of pleadings and settlement discussions.
M/s. Socrato Capital Private Limited, the Financial Creditor, filed C.P. (IB) No.226/BB/2019 under Section 7 of the IBC, 2016, to initiate CIRP against M/s. Bhoruka Power Corporation Limited, the Corporate Debtor. The basis for the petition was a default on an outstanding amount of Rs. 10,90,301/-, comprising Rs. 10,00,000/- as principal and Rs. 90,301/- as interest. The case was listed on multiple dates for admission but was adjourned to allow for completion of pleadings and settlement discussions. Ultimately, the parties reached an amicable settlement, leading the Financial Creditor to seek withdrawal of the petition, which the Tribunal permitted, reserving the right to refile if the settlement terms are not met. The key fact is the amicable settlement leading to the
…The case was initially…
The case was li…