The case pertains to a petition filed under the Insolvency and Bankruptcy Code (IBC). The matter was initially expected to be settled, with the Bench directing an initial payment towards settlement. However, the Respondent expressed inability to pay due to financial difficulties. The claimed debt amount of ₹. 16,88,171/- is admitted. The Corporate Debtor was being managed by Rakesh Rathod (since deceased), the father of the authorised signatory, Sahil Rathod, Director. The authorised signatory stated that he has no knowledge of the debt, but they want to settle.
Sudhir V Nigujkar filed a petition against S R (MCB) Engineers Pvt Ltd under the Insolvency and Bankruptcy Code. The claimed debt amount is ₹. 16,88,171/-, which is admitted by the Corporate Debtor. The Corporate Debtor was previously managed by Rakesh Rathod (deceased), and currently, his son, Sahil Rathod, is the authorised signatory and Director. Sahil Rathod claims to have no knowledge of the debt but expresses a desire to settle. The Respondent expressed inability to pay the amount due to financial difficulties. The court had previously directed an initial payment towards settlement, which was not complied with. The petition is deemed to be in time and otherwise complete.
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The court observed that…
The Bench directed that at least ₹. 2,00,000/-…
The case pertains to a petition filed under the Insolvency and Bankruptcy Code (IBC). The matter was initially expected to be settled, with the Bench directing an initial payment towards settlement. However, the Respondent expressed inability to pay due to financial difficulties. The claimed debt amount of ₹. 16,88,171/- is admitted. The Corporate Debtor was being managed by Rakesh Rathod (since deceased), the father of the authorised signatory, Sahil Rathod, Director. The authorised signatory stated that he has no knowledge of the debt, but they want to settle.
Sudhir V Nigujkar filed a petition against S R (MCB) Engineers Pvt Ltd under the Insolvency and Bankruptcy Code. The claimed debt amount is ₹. 16,88,171/-, which is admitted by the Corporate Debtor. The Corporate Debtor was previously managed by Rakesh Rathod (deceased), and currently, his son, Sahil Rathod, is the authorised signatory and Director. Sahil Rathod claims to have no knowledge of the debt but expresses a desire to settle. The Respondent expressed inability to pay the amount due to financial difficulties. The court had previously directed an initial payment towards settlement, which was not complied with. The petition is deemed to be in time and otherwise complete.
The court observed that…
The Bench directed that at least ₹. 2,00,000/-…