The case involves an application (I.A.No.83/2019) filed in CP (IB) No.31/GB/2019 under Section 7 of the Insolvency & Bankruptcy Code, 2016. The applicant, Bazigar Trading Pvt. Ltd., is the Financial Creditor, and the respondent, Everest Infra Energy Ltd., is the Corporate Debtor. The application seeks to set aside the final order dated 08.11.2019, which admitted the main Company Petition No.31/GB/2019 filed by the Financial Creditor and appointed Mr. Jay Prakash Gupta as Interim Resolution Professional.
Bazigar Trading Pvt. Ltd. (Financial Creditor) filed a company petition (CP (IB) No.31/GB/2019) against Everest Infra Energy Ltd. (Corporate Debtor) under Section 7 of the Insolvency & Bankruptcy Code, 2016. The petition was admitted on 08.11.2019, and Mr. Jay Prakash Gupta was appointed as the Interim Resolution Professional. Subsequently, the parties reached a settlement, with the Financial Creditor receiving the settlement amount through postdated checks. Bazigar Trading Pvt. Ltd. then filed I.A.83/2019 to set aside the admission order. The key fact is the settlement between the parties, which led to the application to reverse the initial order admitting the insolvency petition.
Sign in to view the parties.
Final order admitting…
The court allowed…
Sign in to view related legal provisions.
The case involves an application (I.A.No.83/2019) filed in CP (IB) No.31/GB/2019 under Section 7 of the Insolvency & Bankruptcy Code, 2016. The applicant, Bazigar Trading Pvt. Ltd., is the Financial Creditor, and the respondent, Everest Infra Energy Ltd., is the Corporate Debtor. The application seeks to set aside the final order dated 08.11.2019, which admitted the main Company Petition No.31/GB/2019 filed by the Financial Creditor and appointed Mr. Jay Prakash Gupta as Interim Resolution Professional.
Bazigar Trading Pvt. Ltd. (Financial Creditor) filed a company petition (CP (IB) No.31/GB/2019) against Everest Infra Energy Ltd. (Corporate Debtor) under Section 7 of the Insolvency & Bankruptcy Code, 2016. The petition was admitted on 08.11.2019, and Mr. Jay Prakash Gupta was appointed as the Interim Resolution Professional. Subsequently, the parties reached a settlement, with the Financial Creditor receiving the settlement amount through postdated checks. Bazigar Trading Pvt. Ltd. then filed I.A.83/2019 to set aside the admission order. The key fact is the settlement between the parties, which led to the application to reverse the initial order admitting the insolvency petition.
Final order admitting…
The court allowed…
Sign in to view related legal provisions.