M/s. Senses Creations, the operational creditor, filed C.P. (IB) No.143/BB/2019 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the I&B (AAA) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Propcare Mall Management (I) Pvt. Ltd., the corporate debtor. The application was based on the corporate debtor's default of Rs. 19,80,666/-, including principal and interest at 18% per annum. The case was listed for admission on multiple dates, with adjournments granted at the request of the parties, including for settlement discussions.
M/s. Senses Creations, acting as the operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Propcare Mall Management (I) Pvt. Ltd., the corporate debtor, due to a default of Rs. 19,80,666/-, which included principal and interest. The case, C.P. (IB) No.143/BB/2019, was filed under Section 9 of the IBC, 2016. The matter was repeatedly adjourned for admission, partly to allow for settlement negotiations. Eventually, both parties reached a settlement, documented in a Joint Settlement Memo dated 22.08.2019, where the corporate debtor agreed to pay Rs. 15,66,408/- in seven installments. The settlement was conditional upon the corporate debtor honoring post-dated cheques. The petitioner then sought to withdraw the petition based on this
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M/s. Senses Creations, the operational creditor, filed C.P. (IB) No.143/BB/2019 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the I&B (AAA) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Propcare Mall Management (I) Pvt. Ltd., the corporate debtor. The application was based on the corporate debtor's default of Rs. 19,80,666/-, including principal and interest at 18% per annum. The case was listed for admission on multiple dates, with adjournments granted at the request of the parties, including for settlement discussions.
M/s. Senses Creations, acting as the operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Propcare Mall Management (I) Pvt. Ltd., the corporate debtor, due to a default of Rs. 19,80,666/-, which included principal and interest. The case, C.P. (IB) No.143/BB/2019, was filed under Section 9 of the IBC, 2016. The matter was repeatedly adjourned for admission, partly to allow for settlement negotiations. Eventually, both parties reached a settlement, documented in a Joint Settlement Memo dated 22.08.2019, where the corporate debtor agreed to pay Rs. 15,66,408/- in seven installments. The settlement was conditional upon the corporate debtor honoring post-dated cheques. The petitioner then sought to withdraw the petition based on this
…Parties agreed to…
First install…