The case involves an application filed by Ludhiana Scripts Pvt Ltd (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against K.C. Land & Finance Ltd (Corporate Debtor). The application was initially rejected by the Tribunal, but the Financial Creditor appealed to the NCLAT, which allowed the appeal and remitted the matter back to the NCLT for reconsideration. During the appeal process, a settlement was proposed, and the NCLAT allowed the parties time to reach a settlement. Subsequently, the C.P. was dismissed as withdrawn with liberty to revive if the settlement terms were not complied with. Later, the Applicant filed IA No. 133/2020 seeking revival of the present CP as
…Ludhiana Scripts Pvt Ltd (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against K.C. Land & Finance Ltd (Corporate Debtor). The application was initially rejected by the NCLT. The Financial Creditor appealed to the NCLAT, which allowed the appeal and remitted the matter back to the NCLT. During the appeal, a settlement was proposed, and the NCLAT granted time for settlement negotiations. The C.P. was dismissed as withdrawn with liberty to revive if the settlement terms were not complied with. The Applicant filed IA No. 133/2020 seeking revival of the present CP as Corporate debtor breached the terms of the settlement deed dt.30.07.2019, which was
…Sign in to view the parties.
The Tribunal rejected…
The NCLAT allowed the appeal of the financial…
The case involves an application filed by Ludhiana Scripts Pvt Ltd (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against K.C. Land & Finance Ltd (Corporate Debtor). The application was initially rejected by the Tribunal, but the Financial Creditor appealed to the NCLAT, which allowed the appeal and remitted the matter back to the NCLT for reconsideration. During the appeal process, a settlement was proposed, and the NCLAT allowed the parties time to reach a settlement. Subsequently, the C.P. was dismissed as withdrawn with liberty to revive if the settlement terms were not complied with. Later, the Applicant filed IA No. 133/2020 seeking revival of the present CP as
…Ludhiana Scripts Pvt Ltd (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against K.C. Land & Finance Ltd (Corporate Debtor). The application was initially rejected by the NCLT. The Financial Creditor appealed to the NCLAT, which allowed the appeal and remitted the matter back to the NCLT. During the appeal, a settlement was proposed, and the NCLAT granted time for settlement negotiations. The C.P. was dismissed as withdrawn with liberty to revive if the settlement terms were not complied with. The Applicant filed IA No. 133/2020 seeking revival of the present CP as Corporate debtor breached the terms of the settlement deed dt.30.07.2019, which was
…The Tribunal rejected…
The NCLAT allowed the appeal of the financial…