The case involves a petition filed by Mr. Ram Niwas Gupta, an Operational Creditor, against M/s Palm Developers Private Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to unpaid dues for the supply of steel TMT bars. Initially, a settlement was reached, and the petition was withdrawn, but it was later restored due to dishonored post-dated cheques issued by the Corporate Debtor. The Corporate Debtor acknowledged its liability by entering into a settlement agreement and expressing its intention to clear the outstanding dues.
Mr. Ram Niwas Gupta, the Operational Creditor, filed a petition under Section 9 of the IBC against M/s Palm Developers Private Ltd, the Corporate Debtor, for unpaid dues related to the supply of steel TMT bars. The Corporate Debtor was incorporated on 23.08.2013. The Operational Creditor claimed that since August 2017, the Corporate Debtor had not paid outstanding payments, with a total liability of Rs. 1,20,27,624.71, including a principal amount of Rs. 93,64,284.20. A demand notice was sent on 27.12.2018. Initially, a settlement was reached, and the petition was withdrawn on 04.06.2019, based on post-dated cheques amounting to Rs. 1,18,00,554. However, the cheques were dishonored, leading to the restoration of the petition on 07.01.2020. The Corporate Debtor admitted
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M/s. Palm Developers…
The Corporate Debtor…
The case involves a petition filed by Mr. Ram Niwas Gupta, an Operational Creditor, against M/s Palm Developers Private Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to unpaid dues for the supply of steel TMT bars. Initially, a settlement was reached, and the petition was withdrawn, but it was later restored due to dishonored post-dated cheques issued by the Corporate Debtor. The Corporate Debtor acknowledged its liability by entering into a settlement agreement and expressing its intention to clear the outstanding dues.
Mr. Ram Niwas Gupta, the Operational Creditor, filed a petition under Section 9 of the IBC against M/s Palm Developers Private Ltd, the Corporate Debtor, for unpaid dues related to the supply of steel TMT bars. The Corporate Debtor was incorporated on 23.08.2013. The Operational Creditor claimed that since August 2017, the Corporate Debtor had not paid outstanding payments, with a total liability of Rs. 1,20,27,624.71, including a principal amount of Rs. 93,64,284.20. A demand notice was sent on 27.12.2018. Initially, a settlement was reached, and the petition was withdrawn on 04.06.2019, based on post-dated cheques amounting to Rs. 1,18,00,554. However, the cheques were dishonored, leading to the restoration of the petition on 07.01.2020. The Corporate Debtor admitted
…M/s. Palm Developers…
The Corporate Debtor…