The case involves a petition filed by ABT Parcel Services against LCM Logistics Pvt. Ltd. under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 30,25,600 plus interest. The case was listed for admission on multiple dates, but was adjourned each time at the request of the parties, primarily to allow for settlement negotiations.
ABT Parcel Services, an operational creditor, filed a petition against LCM Logistics Pvt. Ltd., the corporate debtor, under Section 9 of the IBC, 2016. The petition sought to initiate CIRP due to a default of Rs. 30,25,600 plus interest at 18% p.a. The case was repeatedly adjourned to allow the parties to settle. Eventually, a Joint Memo of Settlement was executed on December 2, 2019, where LCM Logistics Pvt. Ltd. agreed to pay Rs. 30,25,000 in six installments via post-dated cheques. The cheques were drawn on Karnataka Bank Ltd, Mahalakshmipuram Branch, Bangalore. The settlement was confirmed by the counsel for both parties. The operational creditor agreed to withdraw the petition and not pursue further claims if the settlement was honored. The corporate debtor
…Sign in to view the parties.
The case was i…
The case was adjourned…
The case involves a petition filed by ABT Parcel Services against LCM Logistics Pvt. Ltd. under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 30,25,600 plus interest. The case was listed for admission on multiple dates, but was adjourned each time at the request of the parties, primarily to allow for settlement negotiations.
ABT Parcel Services, an operational creditor, filed a petition against LCM Logistics Pvt. Ltd., the corporate debtor, under Section 9 of the IBC, 2016. The petition sought to initiate CIRP due to a default of Rs. 30,25,600 plus interest at 18% p.a. The case was repeatedly adjourned to allow the parties to settle. Eventually, a Joint Memo of Settlement was executed on December 2, 2019, where LCM Logistics Pvt. Ltd. agreed to pay Rs. 30,25,000 in six installments via post-dated cheques. The cheques were drawn on Karnataka Bank Ltd, Mahalakshmipuram Branch, Bangalore. The settlement was confirmed by the counsel for both parties. The operational creditor agreed to withdraw the petition and not pursue further claims if the settlement was honored. The corporate debtor
…The case was i…
The case was adjourned…