The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, filed by Magpet Polymer Private Limited, the Operational Creditor, against Hansraj Agrofresh Private Limited, the Corporate Debtor. The Operational Creditor sought initiation of Insolvency Proceedings against the Corporate Debtor. A settlement agreement was entered into on February 8, 2020, after the admission of the Corporate Debtor into CIRP on February 6, 2020. This settlement agreement was later breached, but it contained a clause for the revival of the main CP. An application under Section 12A was filed based on the settlement agreement, and the Authority set aside the admission order of the Corporate Debtor into CIRP on February 27, 2020.
Magpet Polymer Private Limited (Operational Creditor) filed an application against Hansraj Agrofresh Private Limited (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Insolvency Proceedings. After the Corporate Debtor's admission into CIRP, a settlement agreement was entered on February 8, 2020, where the promoter of the Corporate Debtor agreed to pay ₹54,74,000/- to the Operational Creditor. Based on this agreement, an application under Section 12A was filed, and the admission order of the Corporate Debtor into CIRP was set aside on February 27, 2020. Subsequently, the cheques issued by the Corporate Debtor were dishonored, leaving ₹44,74,000/- outstanding. Clause 6 of the settlement agreement provided for the
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The Insolvency and…
CP (IB) No. 40/…
The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, filed by Magpet Polymer Private Limited, the Operational Creditor, against Hansraj Agrofresh Private Limited, the Corporate Debtor. The Operational Creditor sought initiation of Insolvency Proceedings against the Corporate Debtor. A settlement agreement was entered into on February 8, 2020, after the admission of the Corporate Debtor into CIRP on February 6, 2020. This settlement agreement was later breached, but it contained a clause for the revival of the main CP. An application under Section 12A was filed based on the settlement agreement, and the Authority set aside the admission order of the Corporate Debtor into CIRP on February 27, 2020.
Magpet Polymer Private Limited (Operational Creditor) filed an application against Hansraj Agrofresh Private Limited (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Insolvency Proceedings. After the Corporate Debtor's admission into CIRP, a settlement agreement was entered on February 8, 2020, where the promoter of the Corporate Debtor agreed to pay ₹54,74,000/- to the Operational Creditor. Based on this agreement, an application under Section 12A was filed, and the admission order of the Corporate Debtor into CIRP was set aside on February 27, 2020. Subsequently, the cheques issued by the Corporate Debtor were dishonored, leaving ₹44,74,000/- outstanding. Clause 6 of the settlement agreement provided for the
…The Insolvency and…
CP (IB) No. 40/…