The case involves a petition filed by M/s. Airpro Engineers Pvt Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Halcyon Air Products Pvt. Ltd. The petition was based on the corporate debtor's alleged default of Rs. 5,02,161/-. The case was listed for admission on multiple dates and adjourned at the request of the parties to explore settlement possibilities.
M/s. Airpro Engineers Pvt Ltd., the operational creditor, filed C.P.(IB) No.39/BB/2020 under Section 9 of the IBC, 2016, against M/s. Halcyon Air Products Pvt Ltd., the corporate debtor, claiming a default of Rs. 5,02,161/-. The case was listed for admission and adjourned multiple times to allow for settlement discussions. A Joint Memorandum of Compromise was executed between the parties on March 5, 2020, outlining a payment schedule for the settlement amount. The schedule included two payments: Rs. 2,84,838.00 due on March 15, 2020, and Rs. 2,84,837.00 due on April 10, 2020, totaling Rs. 5,69,675.00. The compromise stipulated that the company petition would be revived if the respondent defaulted on the payment schedule. The relevance of these facts is that they
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The case was i…
The case was adjourned…
The case involves a petition filed by M/s. Airpro Engineers Pvt Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Halcyon Air Products Pvt. Ltd. The petition was based on the corporate debtor's alleged default of Rs. 5,02,161/-. The case was listed for admission on multiple dates and adjourned at the request of the parties to explore settlement possibilities.
M/s. Airpro Engineers Pvt Ltd., the operational creditor, filed C.P.(IB) No.39/BB/2020 under Section 9 of the IBC, 2016, against M/s. Halcyon Air Products Pvt Ltd., the corporate debtor, claiming a default of Rs. 5,02,161/-. The case was listed for admission and adjourned multiple times to allow for settlement discussions. A Joint Memorandum of Compromise was executed between the parties on March 5, 2020, outlining a payment schedule for the settlement amount. The schedule included two payments: Rs. 2,84,838.00 due on March 15, 2020, and Rs. 2,84,837.00 due on April 10, 2020, totaling Rs. 5,69,675.00. The compromise stipulated that the company petition would be revived if the respondent defaulted on the payment schedule. The relevance of these facts is that they
…The case was i…
The case was adjourned…