The case involves an operational creditor, Andrew Thomas, filing a petition against Convene Services India Pvt Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor sought to initiate corporate insolvency resolution process (CIRP) against the corporate debtor for unpaid operational debt. The petition was filed before the National Company Law Tribunal (NCLT), Hyderabad Bench.
Andrew Thomas, an operational creditor, filed a petition against Convene Services India Pvt Ltd, a corporate debtor, under Section 9 of the IBC, 2016. The petition was filed before the NCLT, Hyderabad Bench. During the proceedings, both parties entered into a settlement. As part of the settlement, the corporate debtor provided a Demand Draft (DD) of Rs. 7 lakhs to the operational creditor's counsel towards full and final settlement of the claim. The operational creditor then filed a withdrawal memo requesting permission to withdraw the petition. The petition had not yet been admitted, and no IRP had been appointed. The relevance of the settlement is that it allowed the parties to resolve the dispute amicably, avoiding the need for a formal insolvency resolution
…Sign in to view the parties.
Operational creditor…
Hearing he…
The case involves an operational creditor, Andrew Thomas, filing a petition against Convene Services India Pvt Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor sought to initiate corporate insolvency resolution process (CIRP) against the corporate debtor for unpaid operational debt. The petition was filed before the National Company Law Tribunal (NCLT), Hyderabad Bench.
Andrew Thomas, an operational creditor, filed a petition against Convene Services India Pvt Ltd, a corporate debtor, under Section 9 of the IBC, 2016. The petition was filed before the NCLT, Hyderabad Bench. During the proceedings, both parties entered into a settlement. As part of the settlement, the corporate debtor provided a Demand Draft (DD) of Rs. 7 lakhs to the operational creditor's counsel towards full and final settlement of the claim. The operational creditor then filed a withdrawal memo requesting permission to withdraw the petition. The petition had not yet been admitted, and no IRP had been appointed. The relevance of the settlement is that it allowed the parties to resolve the dispute amicably, avoiding the need for a formal insolvency resolution
…Operational creditor…
Hearing he…