The case involves C.P.(IB)No.188/BB/2020 filed by M/s. Cotmac Electronics Private Limited ('Petitioner/Operational Creditor') under Section 9 of the IBC, 2016, read with Rule 6 of I&B (AAA) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Galaxy Machinery Private Limited ('Respondent/Corporate Debtor'). The petitioner claimed that the respondent defaulted on a payment of Rs. 22,66,734, including principal and interest at 36% p.a.
M/s. Cotmac Electronics Private Limited, the operational creditor, filed C.P.(IB)No.188/BB/2020 under Section 9 of the IBC, 2016, seeking to initiate CIRP against M/s. Galaxy Machinery Private Limited, the corporate debtor. The basis for the petition was a default of Rs. 22,66,734, including principal and interest at 36% p.a. The parties subsequently reached an amicable settlement, documented in a Deed of Settlement dated 2020-07-16. The petitioner then sought to withdraw the petition. The court noted that the petition had not yet been admitted.
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C.P.(IB)No.188/BB/2020…
The case involves C.P.(IB)No.188/BB/2020 filed by M/s. Cotmac Electronics Private Limited ('Petitioner/Operational Creditor') under Section 9 of the IBC, 2016, read with Rule 6 of I&B (AAA) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Galaxy Machinery Private Limited ('Respondent/Corporate Debtor'). The petitioner claimed that the respondent defaulted on a payment of Rs. 22,66,734, including principal and interest at 36% p.a.
M/s. Cotmac Electronics Private Limited, the operational creditor, filed C.P.(IB)No.188/BB/2020 under Section 9 of the IBC, 2016, seeking to initiate CIRP against M/s. Galaxy Machinery Private Limited, the corporate debtor. The basis for the petition was a default of Rs. 22,66,734, including principal and interest at 36% p.a. The parties subsequently reached an amicable settlement, documented in a Deed of Settlement dated 2020-07-16. The petitioner then sought to withdraw the petition. The court noted that the petition had not yet been admitted.
Parties entere…
C.P.(IB)No.188/BB/2020…