The case involves an application filed by the promoters, shareholders, and suspended directors of Sarveshwar Creations Private Limited (Corporate Debtor) to terminate the Insolvency Resolution Process (IRP) initiated against the company. The IRP was initiated vide order dated 2020-02-13 in the insolvency petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application for termination was filed because the outstanding amount owed to the Operational Creditor, M/s Anurutan Textiles Private Limited, had been amicably settled between the parties. The settled amount was already paid to the Operational Creditor based on a Settlement Agreement dated 2020-02-26. After the settlement, the Operational Creditor had no grievance against the
…M/s Anurutan Textiles Private Limited, the Operational Creditor, initiated insolvency proceedings against Sarveshwar Creations Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The insolvency petition was admitted on 2020-02-13. Subsequently, the Operational Creditor and the Corporate Debtor reached an amicable settlement, with the Corporate Debtor paying the outstanding amount to the Operational Creditor based on a Settlement Agreement dated 2020-02-26. Following the settlement, the Operational Creditor no longer had any grievances against the Corporate Debtor and wished to withdraw the insolvency petition. An application for termination of the Corporate Insolvency Resolution Process (CIRP) was filed. However,
…Sign in to view the parties.
Order passed initiating the Insolvency…
Settlement Agreement reached between the…
The case involves an application filed by the promoters, shareholders, and suspended directors of Sarveshwar Creations Private Limited (Corporate Debtor) to terminate the Insolvency Resolution Process (IRP) initiated against the company. The IRP was initiated vide order dated 2020-02-13 in the insolvency petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application for termination was filed because the outstanding amount owed to the Operational Creditor, M/s Anurutan Textiles Private Limited, had been amicably settled between the parties. The settled amount was already paid to the Operational Creditor based on a Settlement Agreement dated 2020-02-26. After the settlement, the Operational Creditor had no grievance against the
…M/s Anurutan Textiles Private Limited, the Operational Creditor, initiated insolvency proceedings against Sarveshwar Creations Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The insolvency petition was admitted on 2020-02-13. Subsequently, the Operational Creditor and the Corporate Debtor reached an amicable settlement, with the Corporate Debtor paying the outstanding amount to the Operational Creditor based on a Settlement Agreement dated 2020-02-26. Following the settlement, the Operational Creditor no longer had any grievances against the Corporate Debtor and wished to withdraw the insolvency petition. An application for termination of the Corporate Insolvency Resolution Process (CIRP) was filed. However,
…Order passed initiating the Insolvency…
Settlement Agreement reached between the…