The case involves an application (MA/315/2019) in a corporate insolvency petition (CP/1378/IB/2018). A Memorandum of Compromise was previously entered into between the parties on January 30, 2019, leading to the initial disposal of the petition. However, the Corporate Debtor allegedly defaulted on the agreed payment. An order dated January 31, 2019, granted the Financial Creditor the liberty to revive the petition in case of default by the Corporate Debtor.
A Memorandum of Compromise was entered into between Bell Tower Enterprises LLP (Financial Creditor) and Wayne-Burt Petro Chemicals Pvt Ltd (Corporate Debtor) on January 30, 2019, leading to the disposal of the insolvency petition CP/1378/IB/2018. The Corporate Debtor defaulted on the payment as agreed in the compromise. An order dated January 31, 2019, allowed the Financial Creditor to revive the petition if the Corporate Debtor defaulted. The Financial Creditor filed an application (MA/315/2019) supported by an affidavit, seeking to revive the petition. The Corporate Debtor's counsel did not object to the revival.
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Memorandum of Compromise entered into between…
Order granted liberty to the Financial Creditor…
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The case involves an application (MA/315/2019) in a corporate insolvency petition (CP/1378/IB/2018). A Memorandum of Compromise was previously entered into between the parties on January 30, 2019, leading to the initial disposal of the petition. However, the Corporate Debtor allegedly defaulted on the agreed payment. An order dated January 31, 2019, granted the Financial Creditor the liberty to revive the petition in case of default by the Corporate Debtor.
A Memorandum of Compromise was entered into between Bell Tower Enterprises LLP (Financial Creditor) and Wayne-Burt Petro Chemicals Pvt Ltd (Corporate Debtor) on January 30, 2019, leading to the disposal of the insolvency petition CP/1378/IB/2018. The Corporate Debtor defaulted on the payment as agreed in the compromise. An order dated January 31, 2019, allowed the Financial Creditor to revive the petition if the Corporate Debtor defaulted. The Financial Creditor filed an application (MA/315/2019) supported by an affidavit, seeking to revive the petition. The Corporate Debtor's counsel did not object to the revival.
Memorandum of Compromise entered into between…
Order granted liberty to the Financial Creditor…
Sign in to view related legal provisions.