M/s National Products, an operational creditor, filed an application to initiate contempt proceedings against M/s Delhi Control Devices Private Limited, the corporate debtor, and one of its directors, seeking enforcement of a memorandum of settlement dated 22.02.2019. The operational creditor had previously initiated Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, which was admitted on 15.02.2019. An IRP, Mr. Ashok Kumar Gupta, was appointed. Subsequently, a settlement was reached, and the main petition was withdrawn on 07.03.2019, nullifying the admission order. However, the operational creditor moved the Adjudicating Authority for revival of the Company Petition due to a breach of the settlement. The company petition was revived, and the
…M/s National Products, an operational creditor, initiated CIRP against M/s Delhi Control Devices Private Limited. The CIRP was admitted on 15.02.2019, and Mr. Ashok Kumar Gupta was appointed as IRP. A settlement was reached between the parties, leading to the withdrawal of the main petition on 07.03.2019, nullifying the admission order. Subsequently, due to a breach of the settlement, the operational creditor sought revival of the company petition, which was granted. The Resolution Professional was directed to proceed with the CIRP. The operational creditor then filed an application seeking contempt proceedings and enforcement of the settlement agreement. The key fact is the ongoing CIRP and the legal restrictions it imposes on initiating suits or proceedings against
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M/s National Products, an operational creditor, filed an application to initiate contempt proceedings against M/s Delhi Control Devices Private Limited, the corporate debtor, and one of its directors, seeking enforcement of a memorandum of settlement dated 22.02.2019. The operational creditor had previously initiated Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, which was admitted on 15.02.2019. An IRP, Mr. Ashok Kumar Gupta, was appointed. Subsequently, a settlement was reached, and the main petition was withdrawn on 07.03.2019, nullifying the admission order. However, the operational creditor moved the Adjudicating Authority for revival of the Company Petition due to a breach of the settlement. The company petition was revived, and the
…M/s National Products, an operational creditor, initiated CIRP against M/s Delhi Control Devices Private Limited. The CIRP was admitted on 15.02.2019, and Mr. Ashok Kumar Gupta was appointed as IRP. A settlement was reached between the parties, leading to the withdrawal of the main petition on 07.03.2019, nullifying the admission order. Subsequently, due to a breach of the settlement, the operational creditor sought revival of the company petition, which was granted. The Resolution Professional was directed to proceed with the CIRP. The operational creditor then filed an application seeking contempt proceedings and enforcement of the settlement agreement. The key fact is the ongoing CIRP and the legal restrictions it imposes on initiating suits or proceedings against
…Corporate Insolvency Resolution Process…
Memorandu…