Acuserve Integrated Facilities Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Neptune Ventures & Developers Private Limited, the Corporate Debtor, for recovery of dues amounting to Rs. 28,51,896.00, comprising a principal of Rs. 27,03,788.00 and interest of Rs. 1,48,108.00, outstanding as of February 8, 2019. Subsequently, the Operational Creditor filed IA 221 of 2021 seeking withdrawal of the petition because both parties entered into a settlement agreement dated December 3, 2020, for a full and final settlement amount of Rs. 25,50,000/-.
Acuserve Integrated Facilities Private Limited (Operational Creditor) initiated insolvency proceedings against Neptune Ventures & Developers Private Limited (Corporate Debtor) under Section 9 of the IBC, claiming outstanding dues of Rs. 28,51,896.00 as of February 8, 2019. The dues included a principal amount of Rs. 27,03,788.00 and interest of Rs. 1,48,108.00. Subsequently, both parties entered into a settlement agreement on December 3, 2020, agreeing to a full and final settlement amount of Rs. 25,50,000/-. As per the settlement terms, Rs. 10,00,000/- was to be paid immediately via pay order and cheque, and the remaining Rs. 15,50,000/- was to be paid in six monthly installments. The settlement agreement also stipulated that upon realization of all payments, a
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Outstanding dues of Rs. 28,51,896.00 (principal…
Applicant and Respondent entered into…
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Acuserve Integrated Facilities Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Neptune Ventures & Developers Private Limited, the Corporate Debtor, for recovery of dues amounting to Rs. 28,51,896.00, comprising a principal of Rs. 27,03,788.00 and interest of Rs. 1,48,108.00, outstanding as of February 8, 2019. Subsequently, the Operational Creditor filed IA 221 of 2021 seeking withdrawal of the petition because both parties entered into a settlement agreement dated December 3, 2020, for a full and final settlement amount of Rs. 25,50,000/-.
Acuserve Integrated Facilities Private Limited (Operational Creditor) initiated insolvency proceedings against Neptune Ventures & Developers Private Limited (Corporate Debtor) under Section 9 of the IBC, claiming outstanding dues of Rs. 28,51,896.00 as of February 8, 2019. The dues included a principal amount of Rs. 27,03,788.00 and interest of Rs. 1,48,108.00. Subsequently, both parties entered into a settlement agreement on December 3, 2020, agreeing to a full and final settlement amount of Rs. 25,50,000/-. As per the settlement terms, Rs. 10,00,000/- was to be paid immediately via pay order and cheque, and the remaining Rs. 15,50,000/- was to be paid in six monthly installments. The settlement agreement also stipulated that upon realization of all payments, a
…Outstanding dues of Rs. 28,51,896.00 (principal…
Applicant and Respondent entered into…
Sign in to view related legal provisions.