The case pertains to C.P. (IB) No. 175/BB/2020 filed by M/s. API Technical Services (India) Private Limited ('Petitioner/Operational Creditor') under Section 9 of the IBC, 2016, read with Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016. The petitioner sought to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Micronel Global Engineers Private Limited, alleging a default of Rs. 3,90,15,395/-, which included GST and interest at 1% per week.
M/s. API Technical Services (India) Private Limited, the operational creditor, filed C.P. (IB) No. 175/BB/2020 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Micronel Global Engineers Private Limited. The basis for the petition was a default of Rs. 3,90,15,395/-, inclusive of GST and interest at 1% per week. During the proceedings, the petitioner expressed a desire to withdraw the petition as settlement talks were underway. The court considered this request and the fact that the petition was at the admission stage. The relevance of the debt amount is that it exceeded the threshold for initiating CIRP. The willingness of the parties to settle is relevant because it
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The NCLT, Bengaluru Bench, disposed of CP (IB)…
Hearing held…
The case pertains to C.P. (IB) No. 175/BB/2020 filed by M/s. API Technical Services (India) Private Limited ('Petitioner/Operational Creditor') under Section 9 of the IBC, 2016, read with Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016. The petitioner sought to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Micronel Global Engineers Private Limited, alleging a default of Rs. 3,90,15,395/-, which included GST and interest at 1% per week.
M/s. API Technical Services (India) Private Limited, the operational creditor, filed C.P. (IB) No. 175/BB/2020 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Micronel Global Engineers Private Limited. The basis for the petition was a default of Rs. 3,90,15,395/-, inclusive of GST and interest at 1% per week. During the proceedings, the petitioner expressed a desire to withdraw the petition as settlement talks were underway. The court considered this request and the fact that the petition was at the admission stage. The relevance of the debt amount is that it exceeded the threshold for initiating CIRP. The willingness of the parties to settle is relevant because it
…The NCLT, Bengaluru Bench, disposed of CP (IB)…
Hearing held…