The case pertains to an insolvency application (CP No 1236 of 2017) filed by Zenith Birla (India) Limited, the operational creditor, against Firex Systems Private Limited, the corporate debtor, before the National Company Law Tribunal (NCLT), Mumbai Bench. Subsequent to a hearing on October 18, 2017, the parties reached a mutually agreeable settlement.
Zenith Birla (India) Limited, the operational creditor, filed an insolvency application (CP No 1236 of 2017) against Firex Systems Private Limited, the corporate debtor. The parties subsequently reached a settlement where Firex Systems agreed to pay Zenith Birla Rs. 50,00,000/- in full settlement of dues. This amount was to be paid in four equal monthly installments of Rs. 12,50,000/- each, backed by post-dated cheques dated 22.11.2017, 20.12.2017, 24.01.2018, and 21.02.2018. The consent terms stipulated that if any cheque was dishonored, Zenith Birla could revive the insolvency application or file a fresh one under the IBC, 2016. Both parties declared that their consent was voluntary and not obtained through coercion or misrepresentation. The NCLT accepted these terms
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Hearing held before the NCLT, Mumbai Bench,…
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The case pertains to an insolvency application (CP No 1236 of 2017) filed by Zenith Birla (India) Limited, the operational creditor, against Firex Systems Private Limited, the corporate debtor, before the National Company Law Tribunal (NCLT), Mumbai Bench. Subsequent to a hearing on October 18, 2017, the parties reached a mutually agreeable settlement.
Zenith Birla (India) Limited, the operational creditor, filed an insolvency application (CP No 1236 of 2017) against Firex Systems Private Limited, the corporate debtor. The parties subsequently reached a settlement where Firex Systems agreed to pay Zenith Birla Rs. 50,00,000/- in full settlement of dues. This amount was to be paid in four equal monthly installments of Rs. 12,50,000/- each, backed by post-dated cheques dated 22.11.2017, 20.12.2017, 24.01.2018, and 21.02.2018. The consent terms stipulated that if any cheque was dishonored, Zenith Birla could revive the insolvency application or file a fresh one under the IBC, 2016. Both parties declared that their consent was voluntary and not obtained through coercion or misrepresentation. The NCLT accepted these terms
…Hearing held before the NCLT, Mumbai Bench,…
The consent terms were…
Sign in to view related legal provisions.