The case involves an application filed by the Operational Creditor, ZTE Corporation, under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking permission to withdraw a Company Petition (CP(IB)No.55/9/HDB/2019). The Tribunal had previously admitted a petition under Section 9 of the IBC filed by the Operational Creditor, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Smartron India Private Limited, and appointed an Interim Resolution Professional (IRP). During the pendency of the CIRP, both parties reached a settlement agreement.
ZTE Corporation, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Smartron India Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal admitted the petition on 09.09.2019 and appointed an Interim Resolution Professional (IRP). During the CIRP, ZTE Corporation and Smartron India Private Limited reached a settlement agreement dated 10.12.2019. As part of the settlement, Smartron India Private Limited paid USD 600,000 to ZTE Corporation via six wire transfers between 21.10.2019 and 06.12.2019. The settlement agreement also included a personal guarantee from Mr. Mahesh Lingareddy, Chairman and Managing Director of Smartron India Private Limited, assuring payment of the remaining USD 650,000.
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The Tribunal admitted the petition filed under…
The Interim Resolution Professional (IRP)…
The case involves an application filed by the Operational Creditor, ZTE Corporation, under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking permission to withdraw a Company Petition (CP(IB)No.55/9/HDB/2019). The Tribunal had previously admitted a petition under Section 9 of the IBC filed by the Operational Creditor, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Smartron India Private Limited, and appointed an Interim Resolution Professional (IRP). During the pendency of the CIRP, both parties reached a settlement agreement.
ZTE Corporation, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Smartron India Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal admitted the petition on 09.09.2019 and appointed an Interim Resolution Professional (IRP). During the CIRP, ZTE Corporation and Smartron India Private Limited reached a settlement agreement dated 10.12.2019. As part of the settlement, Smartron India Private Limited paid USD 600,000 to ZTE Corporation via six wire transfers between 21.10.2019 and 06.12.2019. The settlement agreement also included a personal guarantee from Mr. Mahesh Lingareddy, Chairman and Managing Director of Smartron India Private Limited, assuring payment of the remaining USD 650,000.
…The Tribunal admitted the petition filed under…
The Interim Resolution Professional (IRP)…