The case involves an application filed by the Corporate Debtor seeking to set aside the Tribunal's order dated 21.02.2019, which admitted a petition filed by the Operational Creditor under Section 9 of the IBC, 2016, initiating CIRP, granting moratorium, and appointing an IRP. The parties have agreed to settle all disputes following a memorandum of understanding and joint settlement deed. The total due amount to be settled is Rs. 87,80,569/-.
Artha Energy Resources LLP, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 against Photon Energy Systems Limited, the Corporate Debtor. The National Company Law Tribunal (NCLT) admitted the petition on 21.02.2019, initiating the Corporate Insolvency Resolution Process (CIRP), imposing a moratorium, and appointing an Interim Resolution Professional (IRP). Subsequently, the Corporate Debtor filed an application seeking to set aside the admission order. The parties reached a settlement, agreeing on a total due amount of Rs. 87,80,569/-. The Corporate Debtor issued a Demand Draft of Rs 46,00,000/- and provided post-dated cheques for the remaining Rs. 41,80,569/-. The Committee of Creditors (CoC) had not yet been
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Tribunal admitted the petition filed under…
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The case involves an application filed by the Corporate Debtor seeking to set aside the Tribunal's order dated 21.02.2019, which admitted a petition filed by the Operational Creditor under Section 9 of the IBC, 2016, initiating CIRP, granting moratorium, and appointing an IRP. The parties have agreed to settle all disputes following a memorandum of understanding and joint settlement deed. The total due amount to be settled is Rs. 87,80,569/-.
Artha Energy Resources LLP, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 against Photon Energy Systems Limited, the Corporate Debtor. The National Company Law Tribunal (NCLT) admitted the petition on 21.02.2019, initiating the Corporate Insolvency Resolution Process (CIRP), imposing a moratorium, and appointing an Interim Resolution Professional (IRP). Subsequently, the Corporate Debtor filed an application seeking to set aside the admission order. The parties reached a settlement, agreeing on a total due amount of Rs. 87,80,569/-. The Corporate Debtor issued a Demand Draft of Rs 46,00,000/- and provided post-dated cheques for the remaining Rs. 41,80,569/-. The Committee of Creditors (CoC) had not yet been
…Tribunal admitted the petition filed under…
Counsel for Operation Creditor and PCS for…
Sign in to view related legal provisions.