The case involves a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The matter was pending due to ongoing settlement discussions between the parties. The Respondent's counsel sent a letter proposing a settlement, which included an initial payment of Rs. 1 Crore and subsequent payments totaling Rs. 7.50 Crores. The Petitioner's counsel denied receiving the letter and requested time to obtain instructions from the Corporation Bank.
M/s Corporation Bank initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Mindlogicx Infratech Ltd under Section 7 of the I&B Code, 2016. The case was prolonged due to settlement talks. The Respondent proposed a settlement involving an initial payment of Rs. 1 Crore on December 20, 2019, and subsequent payments totaling Rs. 7.50 Crores to be completed by November 20, 2020. The Petitioner's counsel denied receiving the settlement letter. The court directed the Petitioner to file an affidavit from the Bank confirming the settlement proposal.
Sign in to view the parties.
Respondent's counsel sent a letter to the Chief…
Court heard the counsels and directed the…
Sign in to view related legal provisions.
The case involves a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The matter was pending due to ongoing settlement discussions between the parties. The Respondent's counsel sent a letter proposing a settlement, which included an initial payment of Rs. 1 Crore and subsequent payments totaling Rs. 7.50 Crores. The Petitioner's counsel denied receiving the letter and requested time to obtain instructions from the Corporation Bank.
M/s Corporation Bank initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Mindlogicx Infratech Ltd under Section 7 of the I&B Code, 2016. The case was prolonged due to settlement talks. The Respondent proposed a settlement involving an initial payment of Rs. 1 Crore on December 20, 2019, and subsequent payments totaling Rs. 7.50 Crores to be completed by November 20, 2020. The Petitioner's counsel denied receiving the settlement letter. The court directed the Petitioner to file an affidavit from the Bank confirming the settlement proposal.
Respondent's counsel sent a letter to the Chief…
Court heard the counsels and directed the…
Sign in to view related legal provisions.