The case involves an application filed by the Financial Creditor, Intec Capital Limited, for the revival/restoration/re-initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Jagtar Singh & Sons Hydraulic Private Limited. The CIRP was initially admitted on September 3, 2019. Subsequently, the Appellate Authority referred the matter to mediation, resulting in a settlement deed dated December 2, 2019. The Appellate Authority set aside the admission order on December 6, 2019, conditional on compliance with the settlement terms. However, the Corporate Debtor failed to honor the settlement terms, leading to the present application for CIRP revival.
Intec Capital Limited, the Financial Creditor, initiated CIRP against Jagtar Singh & Sons Hydraulic Private Limited, the Corporate Debtor, under Section 7 of the IBC. The CIRP was initially admitted on September 3, 2019. An appeal led to mediation and a settlement agreement dated December 2, 2019. The Appellate Authority conditionally set aside the admission order on December 6, 2019, subject to compliance with the settlement terms. The Corporate Debtor provided post-dated cheques as part of the settlement. However, the cheques bounced, and the Corporate Debtor failed to comply with the settlement terms. The Hon'ble NCLAT had previously stated that the CIRP could be revived in case of a breach of settlement. The Appellate Authority gave the Corporate
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Corporate Insolvency…
The Hon'ble Appellate…
The case involves an application filed by the Financial Creditor, Intec Capital Limited, for the revival/restoration/re-initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Jagtar Singh & Sons Hydraulic Private Limited. The CIRP was initially admitted on September 3, 2019. Subsequently, the Appellate Authority referred the matter to mediation, resulting in a settlement deed dated December 2, 2019. The Appellate Authority set aside the admission order on December 6, 2019, conditional on compliance with the settlement terms. However, the Corporate Debtor failed to honor the settlement terms, leading to the present application for CIRP revival.
Intec Capital Limited, the Financial Creditor, initiated CIRP against Jagtar Singh & Sons Hydraulic Private Limited, the Corporate Debtor, under Section 7 of the IBC. The CIRP was initially admitted on September 3, 2019. An appeal led to mediation and a settlement agreement dated December 2, 2019. The Appellate Authority conditionally set aside the admission order on December 6, 2019, subject to compliance with the settlement terms. The Corporate Debtor provided post-dated cheques as part of the settlement. However, the cheques bounced, and the Corporate Debtor failed to comply with the settlement terms. The Hon'ble NCLAT had previously stated that the CIRP could be revived in case of a breach of settlement. The Appellate Authority gave the Corporate
…Corporate Insolvency…
The Hon'ble Appellate…