The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Rakesh Kumar Jain, the Financial Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against ADTV Communications Private Limited, the Corporate Debtor. The Applicant's case is based on a decree passed by the Delhi High Court for Rs. 15,23,00,000/- in terms of a settlement agreement. The Corporate Debtor made partial payments, but a cheque for Rs. 10,00,00,000/- was dishonored. The Financial Creditor initiated execution proceedings in the High Court. The application under Section 7 was filed due to the Corporate Debtor's failure to pay the debt despite the decree.
Mr. Rakesh Kumar Jain, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ADTV Communications Private Limited (formerly known as AEG Infratech Private Limited), the Corporate Debtor. The basis for the application was a decree passed by the Delhi High Court for Rs. 15,23,00,000/- in CS (OS) No. 2183/2013, based on a settlement agreement dated 11.09.2014. The Corporate Debtor paid Rs. 5,23,00,000, but a subsequent cheque for Rs. 10,00,00,000/-, payable on 31.03.2016, was dishonored on 07.04.2016. The Financial Creditor then filed Execution Petition No. 65/2016 in the High Court to attach the Corporate Debtor's bank accounts. The Corporate Debtor
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The Hon'ble Delhi High Court passed an…
Settlement agreement entered into between…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Rakesh Kumar Jain, the Financial Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against ADTV Communications Private Limited, the Corporate Debtor. The Applicant's case is based on a decree passed by the Delhi High Court for Rs. 15,23,00,000/- in terms of a settlement agreement. The Corporate Debtor made partial payments, but a cheque for Rs. 10,00,00,000/- was dishonored. The Financial Creditor initiated execution proceedings in the High Court. The application under Section 7 was filed due to the Corporate Debtor's failure to pay the debt despite the decree.
Mr. Rakesh Kumar Jain, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ADTV Communications Private Limited (formerly known as AEG Infratech Private Limited), the Corporate Debtor. The basis for the application was a decree passed by the Delhi High Court for Rs. 15,23,00,000/- in CS (OS) No. 2183/2013, based on a settlement agreement dated 11.09.2014. The Corporate Debtor paid Rs. 5,23,00,000, but a subsequent cheque for Rs. 10,00,00,000/-, payable on 31.03.2016, was dishonored on 07.04.2016. The Financial Creditor then filed Execution Petition No. 65/2016 in the High Court to attach the Corporate Debtor's bank accounts. The Corporate Debtor
…The Hon'ble Delhi High Court passed an…
Settlement agreement entered into between…