The case involves a petition under Section 9 of the IBC. The Corporate Debtor (CD) entered an appearance on 2023-11-21, indicating a potential settlement. The Counsel for the CD submitted on 2023-12-18 that the CD had initiated settlement talks with the Operational Creditor (OC). Both parties requested time for settlement on 2024-01-15, leading to an adjournment until 2024-02-05, when the OC requested more time for settlement as a final opportunity.
On 2023-11-21, the Corporate Debtor (CD) indicated a potential settlement. On 2023-12-18, the CD's counsel stated that the CD had initiated settlement talks with the Operational Creditor (OC). On 2024-01-15, both parties requested time for settlement, and the matter was adjourned to 2024-02-05. On 2024-02-05, the OC requested more time for settlement as a last chance. However, on the hearing date, neither the OC nor the CD was represented. The court inferred that the OC did not intend to pursue the matter. This led to the dismissal of the Corporate Petition (C.P.) for default.
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The Corporate Debtor…
The Counsel for the CD submitted that the CD…
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The case involves a petition under Section 9 of the IBC. The Corporate Debtor (CD) entered an appearance on 2023-11-21, indicating a potential settlement. The Counsel for the CD submitted on 2023-12-18 that the CD had initiated settlement talks with the Operational Creditor (OC). Both parties requested time for settlement on 2024-01-15, leading to an adjournment until 2024-02-05, when the OC requested more time for settlement as a final opportunity.
On 2023-11-21, the Corporate Debtor (CD) indicated a potential settlement. On 2023-12-18, the CD's counsel stated that the CD had initiated settlement talks with the Operational Creditor (OC). On 2024-01-15, both parties requested time for settlement, and the matter was adjourned to 2024-02-05. On 2024-02-05, the OC requested more time for settlement as a last chance. However, on the hearing date, neither the OC nor the CD was represented. The court inferred that the OC did not intend to pursue the matter. This led to the dismissal of the Corporate Petition (C.P.) for default.
The Corporate Debtor…
The Counsel for the CD submitted that the CD…
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