The case involves a corporate insolvency resolution process under Section 7 of the IBC. An application, CA(IB) No.04/KB/2020, was filed under Rule 11 of NCLT Rules, stating that a deed of settlement had been reached between the parties.
Priya Enclave Pvt. Ltd. filed a case against India Forms Centre Pvt. Ltd. under Section 7 of the IBC. CA(IB) No.04/KB/2020 was filed stating that a settlement had been reached between the parties. The court observed that the parties had indeed entered into a settlement. The application was disposed of subject to the condition that Rs. 50,000 be deposited with the Prime Minister's National Relief Fund. The IRP may claim his fees separately. The Financial Creditor has the liberty to revive the application if the settlement fails. The corporate debtor appeared through its counsel, while the financial creditor did not appear.
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Hearing held on…
The case involves a corporate insolvency resolution process under Section 7 of the IBC. An application, CA(IB) No.04/KB/2020, was filed under Rule 11 of NCLT Rules, stating that a deed of settlement had been reached between the parties.
Priya Enclave Pvt. Ltd. filed a case against India Forms Centre Pvt. Ltd. under Section 7 of the IBC. CA(IB) No.04/KB/2020 was filed stating that a settlement had been reached between the parties. The court observed that the parties had indeed entered into a settlement. The application was disposed of subject to the condition that Rs. 50,000 be deposited with the Prime Minister's National Relief Fund. The IRP may claim his fees separately. The Financial Creditor has the liberty to revive the application if the settlement fails. The corporate debtor appeared through its counsel, while the financial creditor did not appear.
Hearing held on…