M/s. IDI Designs Pvt. Ltd. filed a petition under Section 9 of the IBC, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Wework India Management Pvt. Ltd. The petition was based on an alleged default of Rs.5,62,92,718 towards the balance payment of work done. The parties subsequently reached a settlement, documented in a Settlement Letter.
M/s. IDI Designs Pvt. Ltd. (Operational Creditor) initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Wework India Management Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, claiming a default of Rs.5,62,92,718/-. The basis for the claim was the outstanding balance for work done. During the proceedings, both parties reached an amicable settlement, documented in a Settlement Letter dated 19.08.2020. As per the settlement, WeWork agreed to pay IDI Rs.4,96,00,000/- in full and final settlement of all dues. The payment was structured in installments, with Rs.2,10,00,000/- due by July 25, 2020, and another Rs.2,10,00,000/- by August 25, 2020. Additionally, Rs.40,00,000/- was to be paid upon 50% completion
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M/s. IDI Designs Pvt. Ltd. filed a petition under Section 9 of the IBC, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Wework India Management Pvt. Ltd. The petition was based on an alleged default of Rs.5,62,92,718 towards the balance payment of work done. The parties subsequently reached a settlement, documented in a Settlement Letter.
M/s. IDI Designs Pvt. Ltd. (Operational Creditor) initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Wework India Management Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, claiming a default of Rs.5,62,92,718/-. The basis for the claim was the outstanding balance for work done. During the proceedings, both parties reached an amicable settlement, documented in a Settlement Letter dated 19.08.2020. As per the settlement, WeWork agreed to pay IDI Rs.4,96,00,000/- in full and final settlement of all dues. The payment was structured in installments, with Rs.2,10,00,000/- due by July 25, 2020, and another Rs.2,10,00,000/- by August 25, 2020. Additionally, Rs.40,00,000/- was to be paid upon 50% completion
…The NCLT, Bengaluru Bench, passed an order…
The parties executed a…
Sign in to view related legal provisions.