The case involves an application filed 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 Operational Creditor (ZTE Corporation) had initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (Smartron India Private Limited) under Section 9 of the IBC. The Tribunal admitted the petition on 09.09.2019 and appointed an Interim Resolution Professional (IRP).
ZTE Corporation, an operational creditor, initiated CIRP against Smartron India Private Limited under Section 9 of IBC. The petition was admitted on 2019-09-09, and an IRP was appointed. During the CIRP, both parties reached a settlement agreement dated 2019-12-10. The COC, consisting only of ZTE Corporation, approved the settlement. Smartron paid USD 600,000 to ZTE before the agreement. Mahesh Lingareddy, Chairman of Smartron, provided a personal guarantee for the remaining USD 650,000. ZTE filed Form FA to withdraw the CIRP application. ZTE also provided a demand draft of Rs. 3,00,000 to the RP. The RP confirmed the settlement. The total outstanding amount was USD 1,250,000. The settlement stipulated that the remaining USD 650,000 would be paid by 2020-02-29, failing
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The Tribunal admitted the petition filed under…
Interim Resolution Professional made public…
The case involves an application filed 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 Operational Creditor (ZTE Corporation) had initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (Smartron India Private Limited) under Section 9 of the IBC. The Tribunal admitted the petition on 09.09.2019 and appointed an Interim Resolution Professional (IRP).
ZTE Corporation, an operational creditor, initiated CIRP against Smartron India Private Limited under Section 9 of IBC. The petition was admitted on 2019-09-09, and an IRP was appointed. During the CIRP, both parties reached a settlement agreement dated 2019-12-10. The COC, consisting only of ZTE Corporation, approved the settlement. Smartron paid USD 600,000 to ZTE before the agreement. Mahesh Lingareddy, Chairman of Smartron, provided a personal guarantee for the remaining USD 650,000. ZTE filed Form FA to withdraw the CIRP application. ZTE also provided a demand draft of Rs. 3,00,000 to the RP. The RP confirmed the settlement. The total outstanding amount was USD 1,250,000. The settlement stipulated that the remaining USD 650,000 would be paid by 2020-02-29, failing
…The Tribunal admitted the petition filed under…
Interim Resolution Professional made public…