The case involves an application for restoration/revival of an application under Section 7 of the IBC filed by the Financial Creditor. The CIRP proceedings against the Corporate Debtor, Shree Swastic Sales Corporation (P) Limited, were previously withdrawn as settled between the parties vide order dated 12.9.2021. The Financial Creditor relied upon a judgment of the NCLAT in the case of Ruchita Modi versus Kanchan.
Sheetal Impex (P) Ltd, the Financial Creditor, filed an application for restoration/revival of an application under Section 7 of the IBC. Previously, CIRP proceedings against Shree Swastic Sales Corporation (P) Ltd, the Corporate Debtor, were withdrawn due to a settlement between the parties, as per an order dated 12.9.2021. The Financial Creditor relied on a judgment by the NCLAT in Ruchita Modi versus Kanchan, which allowed for the revival of a petition dismissed due to settlement terms. The application sought to restore the Section 7 application, which was initially filed under IB-544/(ND)/2020. The NCLT considered the submissions and the contents of the application.
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Order delivered on…
Order dated 12.9.2021 passed in…
The case involves an application for restoration/revival of an application under Section 7 of the IBC filed by the Financial Creditor. The CIRP proceedings against the Corporate Debtor, Shree Swastic Sales Corporation (P) Limited, were previously withdrawn as settled between the parties vide order dated 12.9.2021. The Financial Creditor relied upon a judgment of the NCLAT in the case of Ruchita Modi versus Kanchan.
Sheetal Impex (P) Ltd, the Financial Creditor, filed an application for restoration/revival of an application under Section 7 of the IBC. Previously, CIRP proceedings against Shree Swastic Sales Corporation (P) Ltd, the Corporate Debtor, were withdrawn due to a settlement between the parties, as per an order dated 12.9.2021. The Financial Creditor relied on a judgment by the NCLAT in Ruchita Modi versus Kanchan, which allowed for the revival of a petition dismissed due to settlement terms. The application sought to restore the Section 7 application, which was initially filed under IB-544/(ND)/2020. The NCLT considered the submissions and the contents of the application.
Order delivered on…
Order dated 12.9.2021 passed in…