The case originates from C.P. (IB) No.45/BB/2019 filed by Shri J. Seshadri, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Excel Intelligence Services Private Limited, the Corporate Debtor, due to a default amounting to Rs. 6,36,036/-.
Shri J. Seshadri, the Financial Creditor, initiated proceedings against M/s. Excel Intelligence Services Private Limited, the Corporate Debtor, under Section 7 of the IBC, 2016, due to a default of Rs. 6,36,036/-. Prior to any significant progress in the CIRP, the Financial Creditor and the Corporate Debtor reached an out-of-court settlement. As part of this settlement, the Corporate Debtor agreed to pay Rs. 6,67,134/- to the Financial Creditor, which was paid via Demand Draft No. 001875 dated 08/02/2019. Following the settlement, the Financial Creditor filed a memo before the NCLT, Bengaluru Bench, requesting the dismissal of the petition as withdrawn. The Corporate Debtor's counsel did not object to the withdrawal. The NCLT, Bengaluru Bench, considered the settlement
…Sign in to view the parties.
Corporate Debtor paid…
Financial Creditor filed a memo requesting…
The case originates from C.P. (IB) No.45/BB/2019 filed by Shri J. Seshadri, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Excel Intelligence Services Private Limited, the Corporate Debtor, due to a default amounting to Rs. 6,36,036/-.
Shri J. Seshadri, the Financial Creditor, initiated proceedings against M/s. Excel Intelligence Services Private Limited, the Corporate Debtor, under Section 7 of the IBC, 2016, due to a default of Rs. 6,36,036/-. Prior to any significant progress in the CIRP, the Financial Creditor and the Corporate Debtor reached an out-of-court settlement. As part of this settlement, the Corporate Debtor agreed to pay Rs. 6,67,134/- to the Financial Creditor, which was paid via Demand Draft No. 001875 dated 08/02/2019. Following the settlement, the Financial Creditor filed a memo before the NCLT, Bengaluru Bench, requesting the dismissal of the petition as withdrawn. The Corporate Debtor's counsel did not object to the withdrawal. The NCLT, Bengaluru Bench, considered the settlement
…Corporate Debtor paid…
Financial Creditor filed a memo requesting…