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 the Company Petition against the Corporate Debtor, Smartron India Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed under Section 9 of the IBC, which was admitted by the Tribunal on 09.09.2019. During the pendency of the CIRP, both parties reached a settlement agreement dated 10.12.2019. The Resolution Professional (RP) reported that the parties had settled the matter and requested the Tribunal to allow the withdrawal of the petition.
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 petition was admitted on 09.09.2019. During the CIRP, ZTE Corporation and Smartron India Private Limited reached a settlement agreement dated 10.12.2019. As part of the settlement, Smartron paid USD 600,000 to ZTE via six wire transfers between 21.10.2019 and 06.12.2019, against a total principal outstanding of USD 1,250,000. The settlement agreement stipulated that the remaining USD 650,000 would be paid by 29.02.2020. Mr. Mahesh Lingareddy, Chairman and Managing Director of Smartron, provided a personal guarantee for the remaining amount. ZTE filed an
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The Tribunal admitted the petition filed under…
Interim Resolution Professional made a public…
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 the Company Petition against the Corporate Debtor, Smartron India Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed under Section 9 of the IBC, which was admitted by the Tribunal on 09.09.2019. During the pendency of the CIRP, both parties reached a settlement agreement dated 10.12.2019. The Resolution Professional (RP) reported that the parties had settled the matter and requested the Tribunal to allow the withdrawal of the petition.
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 petition was admitted on 09.09.2019. During the CIRP, ZTE Corporation and Smartron India Private Limited reached a settlement agreement dated 10.12.2019. As part of the settlement, Smartron paid USD 600,000 to ZTE via six wire transfers between 21.10.2019 and 06.12.2019, against a total principal outstanding of USD 1,250,000. The settlement agreement stipulated that the remaining USD 650,000 would be paid by 29.02.2020. Mr. Mahesh Lingareddy, Chairman and Managing Director of Smartron, provided a personal guarantee for the remaining amount. ZTE filed an
…The Tribunal admitted the petition filed under…
Interim Resolution Professional made a public…