The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on July 1, 2019. A public announcement was made, and the Committee of Creditors (CoC) was constituted. Efforts were made between the parties for settlement, but the timeline for issuing an invitation did not reach fruition. Agreements were signed between the Applicant/Financial Creditor, Mrs. G. Sree Vidhya, and the Corporate Debtor on September 14, 2019. Similarly, an agreement to settle the financial debt was entered into between M/s. Narendra Properties Limited and the Corporate Debtor on September 16, 2019.
The CIRP was initiated against the Corporate Debtor on 01.07.2019. A public announcement was made, and the CoC was constituted. Agreements were signed between Mrs. G. Sree Vidhya (Applicant/Financial Creditor) and the Corporate Debtor on 14.09.2019, and between M/s. Narendra Properties Limited and the Corporate Debtor on 16.09.2019, to settle the financial debt. The 2nd CoC meeting was convened on 14.09.2019, where a resolution was passed to withdraw the CIRP. Mrs. G. Sree Vidhya prayed to withdraw the original CP based on these agreements. An upfront payment was made to Mrs. G. Sree Vidhya and the representative of M/s. Narendra Properties Limited. Rs.55 lakhs to Mrs. G. Sree Vidhya and Rs.50 lakhs to M/s. Narendra Properties Limited are to be paid at the time of
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Corporate Insolvency…
Agreement signed…
The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on July 1, 2019. A public announcement was made, and the Committee of Creditors (CoC) was constituted. Efforts were made between the parties for settlement, but the timeline for issuing an invitation did not reach fruition. Agreements were signed between the Applicant/Financial Creditor, Mrs. G. Sree Vidhya, and the Corporate Debtor on September 14, 2019. Similarly, an agreement to settle the financial debt was entered into between M/s. Narendra Properties Limited and the Corporate Debtor on September 16, 2019.
The CIRP was initiated against the Corporate Debtor on 01.07.2019. A public announcement was made, and the CoC was constituted. Agreements were signed between Mrs. G. Sree Vidhya (Applicant/Financial Creditor) and the Corporate Debtor on 14.09.2019, and between M/s. Narendra Properties Limited and the Corporate Debtor on 16.09.2019, to settle the financial debt. The 2nd CoC meeting was convened on 14.09.2019, where a resolution was passed to withdraw the CIRP. Mrs. G. Sree Vidhya prayed to withdraw the original CP based on these agreements. An upfront payment was made to Mrs. G. Sree Vidhya and the representative of M/s. Narendra Properties Limited. Rs.55 lakhs to Mrs. G. Sree Vidhya and Rs.50 lakhs to M/s. Narendra Properties Limited are to be paid at the time of
…Corporate Insolvency…
Agreement signed…