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 dated 2019-12-10.
ZTE Corporation, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Smartron India Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal admitted the petition and appointed an Interim Resolution Professional (IRP). During the CIRP, ZTE Corporation and Smartron India Private Limited reached a settlement agreement dated 2019-12-10. As part of the settlement, Smartron India Private Limited paid USD 600,000 to ZTE Corporation via six wire transfers between 2019-10-21 and 2019-12-06. The settlement agreement also included a personal guarantee from Mr. Mahesh Lingareddy, Chairman and Managing Director of Smartron India Private Limited, to pay the remaining USD 650,000 by
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The Tribunal admitted the petition filed under…
The Interim Resolution Professional made a…
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 dated 2019-12-10.
ZTE Corporation, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Smartron India Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal admitted the petition and appointed an Interim Resolution Professional (IRP). During the CIRP, ZTE Corporation and Smartron India Private Limited reached a settlement agreement dated 2019-12-10. As part of the settlement, Smartron India Private Limited paid USD 600,000 to ZTE Corporation via six wire transfers between 2019-10-21 and 2019-12-06. The settlement agreement also included a personal guarantee from Mr. Mahesh Lingareddy, Chairman and Managing Director of Smartron India Private Limited, to pay the remaining USD 650,000 by
…The Tribunal admitted the petition filed under…
The Interim Resolution Professional made a…