The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, filed by Magpet Polymer Private Limited (Operational Creditor) against Hansraj Agrofresh Private Limited (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 breached, but contained a clause for revival of the main CP. An application under Section 12A was filed, and the Authority set aside the admission order of the Corporate Debtor into CIRP on February 27, 2020.
Magpet Polymer Private Limited, the Operational Creditor, filed an application to initiate insolvency proceedings against Hansraj Agrofresh Private Limited, the Corporate Debtor. A settlement agreement was reached on February 8, 2020, after the Corporate Debtor was admitted into CIRP on February 6, 2020. This agreement required the Corporate Debtor to pay ₹54,74,000/- to the Operational Creditor. 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 given by the Corporate Debtor were dishonored. As of the hearing, ₹44,74,000/- remained outstanding. Clause 6 of the settlement agreement provided for the revival of proceedings if the agreement was breached. The
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Corporate D…
Settlement ag…
The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, filed by Magpet Polymer Private Limited (Operational Creditor) against Hansraj Agrofresh Private Limited (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 breached, but contained a clause for revival of the main CP. An application under Section 12A was filed, and the Authority set aside the admission order of the Corporate Debtor into CIRP on February 27, 2020.
Magpet Polymer Private Limited, the Operational Creditor, filed an application to initiate insolvency proceedings against Hansraj Agrofresh Private Limited, the Corporate Debtor. A settlement agreement was reached on February 8, 2020, after the Corporate Debtor was admitted into CIRP on February 6, 2020. This agreement required the Corporate Debtor to pay ₹54,74,000/- to the Operational Creditor. 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 given by the Corporate Debtor were dishonored. As of the hearing, ₹44,74,000/- remained outstanding. Clause 6 of the settlement agreement provided for the revival of proceedings if the agreement was breached. The
…Corporate D…
Settlement ag…