The case involves an application (CP (IB) No. 103/CTB/2019) filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) had commenced. The respondent admitted the amount due and sought time to settle the matter, leading to the petitioner withdrawing the application and receiving post-dated cheques. However, only four out of ten cheques were honored. The matter was taken up for hearing, and the respondent sought more time due to COVID-19 pandemic situations. The respondent/Corporate Debtor showed bona fide intentions and had paid part of the amount.
M/s.Vikas Scaffolding Systems (Operational Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Metro Builders Orissa Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor admitted the debt and sought time to settle. The Operational Creditor withdrew the application based on the promise of settlement and received ten post-dated cheques. Only four of these cheques were honored. The Corporate Debtor requested further time due to the COVID-19 pandemic. The Adjudicating Authority considered the circumstances and the partial payment made by the Corporate Debtor. The key fact is that the respondent failed to settle the dues despite admitting liability and the initial agreement, leading to the
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The case involves an application (CP (IB) No. 103/CTB/2019) filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) had commenced. The respondent admitted the amount due and sought time to settle the matter, leading to the petitioner withdrawing the application and receiving post-dated cheques. However, only four out of ten cheques were honored. The matter was taken up for hearing, and the respondent sought more time due to COVID-19 pandemic situations. The respondent/Corporate Debtor showed bona fide intentions and had paid part of the amount.
M/s.Vikas Scaffolding Systems (Operational Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Metro Builders Orissa Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor admitted the debt and sought time to settle. The Operational Creditor withdrew the application based on the promise of settlement and received ten post-dated cheques. Only four of these cheques were honored. The Corporate Debtor requested further time due to the COVID-19 pandemic. The Adjudicating Authority considered the circumstances and the partial payment made by the Corporate Debtor. The key fact is that the respondent failed to settle the dues despite admitting liability and the initial agreement, leading to the
…Adjudicating Authority admitted the CP (IB)…
Order sheet of the…
Sign in to view related legal provisions.