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 pursue a settlement. The Adjudicating Authority noted that the IBC process was being used for debt recovery, a common practice among petitioners. Despite multiple hearings and opportunities, the applicant's counsel continued to seek adjournments, claiming settlement talks were ongoing or that they were not ready. A compromise memo was filed in the registry on 2021-03-19. The applicant was not actively prosecuting the case.
Easyaccess Financial Services Pvt Ltd filed an application (IBA/1455/2019) against Sharavan Infras Pvt Ltd under Section 7 Rule 4 of the IBC, 2016. A compromise proposal was reached between the parties, and Rs. 52 lakh was paid towards the debt. However, Easyaccess Financial Services Pvt Ltd repeatedly sought adjournments, claiming settlement talks were ongoing. The Adjudicating Authority noted that the applicant seemed uninterested in continuing the case and was using the IBC process for debt recovery. A compromise memo was filed in the registry on 2021-03-19. The applicant did not actively prosecute the case. The relevance of the compromise proposal and partial payment is that they indicated a potential resolution outside of the formal insolvency process. The
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Hearing held on…
Adjudicating Authority recorded the compromise…
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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 pursue a settlement. The Adjudicating Authority noted that the IBC process was being used for debt recovery, a common practice among petitioners. Despite multiple hearings and opportunities, the applicant's counsel continued to seek adjournments, claiming settlement talks were ongoing or that they were not ready. A compromise memo was filed in the registry on 2021-03-19. The applicant was not actively prosecuting the case.
Easyaccess Financial Services Pvt Ltd filed an application (IBA/1455/2019) against Sharavan Infras Pvt Ltd under Section 7 Rule 4 of the IBC, 2016. A compromise proposal was reached between the parties, and Rs. 52 lakh was paid towards the debt. However, Easyaccess Financial Services Pvt Ltd repeatedly sought adjournments, claiming settlement talks were ongoing. The Adjudicating Authority noted that the applicant seemed uninterested in continuing the case and was using the IBC process for debt recovery. A compromise memo was filed in the registry on 2021-03-19. The applicant did not actively prosecute the case. The relevance of the compromise proposal and partial payment is that they indicated a potential resolution outside of the formal insolvency process. The
…Hearing held on…
Adjudicating Authority recorded the compromise…
Sign in to view related legal provisions.