The case involves a company petition under the Insolvency and Bankruptcy Code (IBC). The operational creditor's PCS is present, as is the counsel for the corporate debtor. It was brought to the Tribunal's notice that the corporate debtor remitted only Rs. 10 lakhs out of Rs. 8 crores to the operational creditor.
The case involves NCS Sugars Ltd as the corporate debtor and Agarwal Coal Corporation Pvt Ltd as the operational creditor. A petition was filed under Section 9 of the IBC. The corporate debtor remitted only Rs. 10 lakhs out of Rs. 8 crores to the operational creditor. The counsel for the corporate debtor requested time, stating a likelihood of settlement between the parties. This partial remittance and the request for time are key facts influencing the Tribunal's decision to grant a final opportunity for settlement.
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Hearing held on 29.11.2018 at 10.30 AM. The…
The case involves a company petition under the Insolvency and Bankruptcy Code (IBC). The operational creditor's PCS is present, as is the counsel for the corporate debtor. It was brought to the Tribunal's notice that the corporate debtor remitted only Rs. 10 lakhs out of Rs. 8 crores to the operational creditor.
The case involves NCS Sugars Ltd as the corporate debtor and Agarwal Coal Corporation Pvt Ltd as the operational creditor. A petition was filed under Section 9 of the IBC. The corporate debtor remitted only Rs. 10 lakhs out of Rs. 8 crores to the operational creditor. The counsel for the corporate debtor requested time, stating a likelihood of settlement between the parties. This partial remittance and the request for time are key facts influencing the Tribunal's decision to grant a final opportunity for settlement.
Hearing held on 29.11.2018 at 10.30 AM. The…