M/s Urban Infrastructure Trustee Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sterling Developers Pvt. Ltd. The petition was filed due to a default of Rs. 1,21,59,00,000 along with interest. The case was listed for admission on multiple dates and adjourned at the request of the parties.
M/s Urban Infrastructure Trustee Ltd. (the 'Petitioner/Financial Creditor') filed C.P. (IB)No.25/BB/2020 under Section 7 of the IBC, 2016, against M/s. Sterling Developers Pvt. Ltd. (the 'Corporate Debtor/Respondent'). The petition was based on a default of Rs. 1,21,59,00,000 plus interest. The case was listed on multiple dates and adjourned. Subsequently, both parties filed a compromise petition dated 2021-03-17, wherein the petitioner agreed to receive Rs. 70.42 crores from the respondent in full settlement. The court disposed of the petition as withdrawn, granting liberty to the petitioner to file a fresh petition if the respondent defaults on the settlement terms. The key fact is the settlement agreement reached between the parties, leading to the withdrawal of the
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M/s Urban Infrastructure Trustee Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sterling Developers Pvt. Ltd. The petition was filed due to a default of Rs. 1,21,59,00,000 along with interest. The case was listed for admission on multiple dates and adjourned at the request of the parties.
M/s Urban Infrastructure Trustee Ltd. (the 'Petitioner/Financial Creditor') filed C.P. (IB)No.25/BB/2020 under Section 7 of the IBC, 2016, against M/s. Sterling Developers Pvt. Ltd. (the 'Corporate Debtor/Respondent'). The petition was based on a default of Rs. 1,21,59,00,000 plus interest. The case was listed on multiple dates and adjourned. Subsequently, both parties filed a compromise petition dated 2021-03-17, wherein the petitioner agreed to receive Rs. 70.42 crores from the respondent in full settlement. The court disposed of the petition as withdrawn, granting liberty to the petitioner to file a fresh petition if the respondent defaults on the settlement terms. The key fact is the settlement agreement reached between the parties, leading to the withdrawal of the
…The case was i…
The case was li…
Sign in to view related legal provisions.