M/s. Mangrove Organics, the operational creditor, filed C.P(IB) No. 13/BB/2019 under Section 9 of the I&BC, 2016, read with Rule 6 of the I&B(AAA) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Flair Garments Private Limited, the corporate debtor, due to a default of Rs. 36,74,928. The case was listed for admission on multiple dates and adjourned at the request of the parties. During the proceedings, the respondent proposed a settlement of Rs. 26,50,000, payable in two installments.
M/s. Mangrove Organics, acting as the operational creditor, initiated proceedings against M/s. Flair Garments Private Limited, the corporate debtor, under Section 9 of the I&BC, 2016, due to a default amounting to Rs. 36,74,928. The case, C.P(IB) No. 13/BB/2019, was listed for admission on several dates between January and September 2019, with adjournments occurring at the request of both parties. During the proceedings, M/s. Flair Garments Private Limited proposed a settlement of Rs. 26,50,000 to M/s. Mangrove Organics, payable in two installments: Rs. 6,62,500 within 10 days of acceptance and Rs. 19,87,500 within 6 months of the first installment, specifically on or before 19.03.2020. The petitioner, M/s. Mangrove Organics, then sought to withdraw the petition,
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M/s. Mangrove Organics, the operational creditor, filed C.P(IB) No. 13/BB/2019 under Section 9 of the I&BC, 2016, read with Rule 6 of the I&B(AAA) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Flair Garments Private Limited, the corporate debtor, due to a default of Rs. 36,74,928. The case was listed for admission on multiple dates and adjourned at the request of the parties. During the proceedings, the respondent proposed a settlement of Rs. 26,50,000, payable in two installments.
M/s. Mangrove Organics, acting as the operational creditor, initiated proceedings against M/s. Flair Garments Private Limited, the corporate debtor, under Section 9 of the I&BC, 2016, due to a default amounting to Rs. 36,74,928. The case, C.P(IB) No. 13/BB/2019, was listed for admission on several dates between January and September 2019, with adjournments occurring at the request of both parties. During the proceedings, M/s. Flair Garments Private Limited proposed a settlement of Rs. 26,50,000 to M/s. Mangrove Organics, payable in two installments: Rs. 6,62,500 within 10 days of acceptance and Rs. 19,87,500 within 6 months of the first installment, specifically on or before 19.03.2020. The petitioner, M/s. Mangrove Organics, then sought to withdraw the petition,
…The case was i…
The case was li…
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