The case involves an application under the Insolvency and Bankruptcy Code (IBC). A compromise proposal was reached between the parties, and a partial payment of Rs. 52 lakh was made. However, the applicant (Easyaccess Financial Services Pvt Ltd) appeared uninterested in continuing the case and repeatedly sought adjournments to facilitate settlement. The Adjudicating Authority noted that the IBC was being used as a means for loan recovery, a common practice among petitioners. Despite the filing of a compromise memo in the registry on 2021-03-19, the applicant continued to delay proceedings.
Easyaccess Financial Services Pvt Ltd initiated insolvency proceedings against Sharavan Infras Pvt Ltd under Section 7 of the IBC, 2016. A compromise proposal was reached between the parties, and Rs. 52 lakh was paid towards the due amount. Despite the compromise, Easyaccess Financial Services Pvt Ltd repeatedly sought adjournments, claiming ongoing settlement talks. The Adjudicating Authority observed that Easyaccess Financial Services Pvt Ltd appeared uninterested in continuing the case and was using the IBC process primarily for loan recovery. A compromise memo was filed in the registry on 2021-03-19. The matter was taken up for hearing on multiple dates, including 2020-11-06, 2020-12-18, and 2021-01-29, with the applicant seeking adjournments each time.
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Easyaccess Financial Services Pvt Ltd filed an…
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The case involves an application under the Insolvency and Bankruptcy Code (IBC). A compromise proposal was reached between the parties, and a partial payment of Rs. 52 lakh was made. However, the applicant (Easyaccess Financial Services Pvt Ltd) appeared uninterested in continuing the case and repeatedly sought adjournments to facilitate settlement. The Adjudicating Authority noted that the IBC was being used as a means for loan recovery, a common practice among petitioners. Despite the filing of a compromise memo in the registry on 2021-03-19, the applicant continued to delay proceedings.
Easyaccess Financial Services Pvt Ltd initiated insolvency proceedings against Sharavan Infras Pvt Ltd under Section 7 of the IBC, 2016. A compromise proposal was reached between the parties, and Rs. 52 lakh was paid towards the due amount. Despite the compromise, Easyaccess Financial Services Pvt Ltd repeatedly sought adjournments, claiming ongoing settlement talks. The Adjudicating Authority observed that Easyaccess Financial Services Pvt Ltd appeared uninterested in continuing the case and was using the IBC process primarily for loan recovery. A compromise memo was filed in the registry on 2021-03-19. The matter was taken up for hearing on multiple dates, including 2020-11-06, 2020-12-18, and 2021-01-29, with the applicant seeking adjournments each time.
Easyaccess Financial Services Pvt Ltd filed an…
Matter taken up for…
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