This case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Epic Monk (Operational Creditor/Petitioner) against Nucleus Premium Properties Private Limited (Corporate Debtor/Respondent). The operational creditor sought the initiation of corporate insolvency resolution process (CIRP) against the corporate debtor for default in payment of outstanding dues.
Epic Monk, the operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Nucleus Premium Properties Private Limited, the corporate debtor, for outstanding dues amounting to ₹11,85,310. Subsequently, the operational creditor submitted a withdrawal memo stating that the corporate debtor had paid ₹2,00,000 towards the total due. A settlement agreement was reached on 18.03.2020, wherein the corporate debtor agreed to settle the remaining balance of ₹9,85,310 on or before 30.06.2020. The operational creditor then requested the withdrawal of the IBA No.14/KOB/2020, with a prayer to include the settlement agreement as part of the order. The court considered the withdrawal memo and the settlement agreement and disposed of the
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A settlement agreement was entered into…
The operational creditor submitted a withdrawal…
This case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Epic Monk (Operational Creditor/Petitioner) against Nucleus Premium Properties Private Limited (Corporate Debtor/Respondent). The operational creditor sought the initiation of corporate insolvency resolution process (CIRP) against the corporate debtor for default in payment of outstanding dues.
Epic Monk, the operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Nucleus Premium Properties Private Limited, the corporate debtor, for outstanding dues amounting to ₹11,85,310. Subsequently, the operational creditor submitted a withdrawal memo stating that the corporate debtor had paid ₹2,00,000 towards the total due. A settlement agreement was reached on 18.03.2020, wherein the corporate debtor agreed to settle the remaining balance of ₹9,85,310 on or before 30.06.2020. The operational creditor then requested the withdrawal of the IBA No.14/KOB/2020, with a prayer to include the settlement agreement as part of the order. The court considered the withdrawal memo and the settlement agreement and disposed of the
…A settlement agreement was entered into…
The operational creditor submitted a withdrawal…