The case pertains to C.P.(IB)No.110/BB/2020 filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the I&B (AAA) Rules, 2016, by Mr. Palaniappan Lakshumanan (Proprietor of M/s. Sundaram Movers) as the Operational Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Hajee A.P. Bava & Company Constructions Private Limited (Respondent/Corporate Debtor) for a default amount of Rs. 22,90,789.50, including principal and interest at 18% p.a.
Mr. Palaniappan Lakshumanan, operating as Sundaram Movers, filed C.P.(IB)No.110/BB/2020 against Hajee A.P. Bava & Company Constructions Private Limited, seeking to initiate CIRP due to a default of Rs. 22,90,789.50. The case was filed under Section 9 of the IBC, 2016. The matter was listed on multiple dates but adjourned each time as the parties explored settlement. Eventually, Hajee A.P. Bava & Company paid Rs. 11,76,000 to Sundaram Movers as a full and final settlement, leading Sundaram Movers to issue a no-due certificate and file a Memorandum of Withdrawal. The key fact is the settlement between the parties before the admission of the case, which led to the withdrawal of the petition.
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The case pertains to C.P.(IB)No.110/BB/2020 filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the I&B (AAA) Rules, 2016, by Mr. Palaniappan Lakshumanan (Proprietor of M/s. Sundaram Movers) as the Operational Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Hajee A.P. Bava & Company Constructions Private Limited (Respondent/Corporate Debtor) for a default amount of Rs. 22,90,789.50, including principal and interest at 18% p.a.
Mr. Palaniappan Lakshumanan, operating as Sundaram Movers, filed C.P.(IB)No.110/BB/2020 against Hajee A.P. Bava & Company Constructions Private Limited, seeking to initiate CIRP due to a default of Rs. 22,90,789.50. The case was filed under Section 9 of the IBC, 2016. The matter was listed on multiple dates but adjourned each time as the parties explored settlement. Eventually, Hajee A.P. Bava & Company paid Rs. 11,76,000 to Sundaram Movers as a full and final settlement, leading Sundaram Movers to issue a no-due certificate and file a Memorandum of Withdrawal. The key fact is the settlement between the parties before the admission of the case, which led to the withdrawal of the petition.
The case was li…
The case was li…
Sign in to view related legal provisions.