The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated by Shri Doddappagowda Shivasangappa Patil (Petitioner/Financial Creditor) against M/s. Mantri Developers Private Limited (Respondent/Corporate Debtor) under Section 7 of the IBC, 2016. The petition was filed due to a default of Rs. 1,27,34,200/- as of 30.06.2018. The case was listed for admission on multiple dates, during which the parties explored settlement possibilities.
Shri Doddappagowda Shivasangappa Patil, the Financial Creditor, filed CP (IB) No.163/BB/2018 against Mantri Developers Private Limited, the Corporate Debtor, under Section 7 of the IBC, 2016, due to a default of Rs. 1,27,34,200/- as of 30.06.2018. The case was listed for admission on various dates between 20.09.2018 and 23.09.2019. During this period, the parties explored settlement possibilities. A Memorandum of Settlement was entered into on 21.09.2019, where the Corporate Debtor agreed to pay Rs. 1,26,77,757/- to the Financial Creditor. Consequently, the Financial Creditor sought to withdraw the petition, which the Tribunal permitted, granting liberty to revive the petition if the settlement terms were breached. The key fact is the settlement agreement which led to
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The Corporate Debtor…
The case was li…
The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated by Shri Doddappagowda Shivasangappa Patil (Petitioner/Financial Creditor) against M/s. Mantri Developers Private Limited (Respondent/Corporate Debtor) under Section 7 of the IBC, 2016. The petition was filed due to a default of Rs. 1,27,34,200/- as of 30.06.2018. The case was listed for admission on multiple dates, during which the parties explored settlement possibilities.
Shri Doddappagowda Shivasangappa Patil, the Financial Creditor, filed CP (IB) No.163/BB/2018 against Mantri Developers Private Limited, the Corporate Debtor, under Section 7 of the IBC, 2016, due to a default of Rs. 1,27,34,200/- as of 30.06.2018. The case was listed for admission on various dates between 20.09.2018 and 23.09.2019. During this period, the parties explored settlement possibilities. A Memorandum of Settlement was entered into on 21.09.2019, where the Corporate Debtor agreed to pay Rs. 1,26,77,757/- to the Financial Creditor. Consequently, the Financial Creditor sought to withdraw the petition, which the Tribunal permitted, granting liberty to revive the petition if the settlement terms were breached. The key fact is the settlement agreement which led to
…The Corporate Debtor…
The case was li…