The case involves an application filed by M/s. Kaapi Machines (India) Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Wework India Management Private Limited, alleging a default of Rs. 1,28,51,974. The petitioner claimed that the corporate debtor had defaulted on payments. The matter was brought before the National Company Law Tribunal (NCLT), Bengaluru Bench.
M/s. Kaapi Machines (India) Private Limited, the operational creditor, filed an application under Section 9 of the IBC, 2016, to initiate CIRP against M/s. Wework India Management Private Limited, the corporate debtor, due to a default of Rs. 1,28,51,974. During the proceedings, the parties reached a settlement. The respondent, M/s. Wework India Management Private Limited, paid Rs. 1,13,23,988 to the petitioner, M/s. Kaapi Machines (India) Private Limited, as full and final settlement of all outstanding dues and claims. Subsequently, the petitioner sought to withdraw the application, informing the NCLT that the disputes had been settled. The key fact is the settlement between the parties leading to the withdrawal request.
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The applicant filed a memo for withdrawal of…
The respondent paid Rs. 1,13,23,988 to the…
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The case involves an application filed by M/s. Kaapi Machines (India) Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Wework India Management Private Limited, alleging a default of Rs. 1,28,51,974. The petitioner claimed that the corporate debtor had defaulted on payments. The matter was brought before the National Company Law Tribunal (NCLT), Bengaluru Bench.
M/s. Kaapi Machines (India) Private Limited, the operational creditor, filed an application under Section 9 of the IBC, 2016, to initiate CIRP against M/s. Wework India Management Private Limited, the corporate debtor, due to a default of Rs. 1,28,51,974. During the proceedings, the parties reached a settlement. The respondent, M/s. Wework India Management Private Limited, paid Rs. 1,13,23,988 to the petitioner, M/s. Kaapi Machines (India) Private Limited, as full and final settlement of all outstanding dues and claims. Subsequently, the petitioner sought to withdraw the application, informing the NCLT that the disputes had been settled. The key fact is the settlement between the parties leading to the withdrawal request.
The applicant filed a memo for withdrawal of…
The respondent paid Rs. 1,13,23,988 to the…
Sign in to view related legal provisions.