The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Rakesh Kumar Jain, the Financial Creditor, against ADTV Communications Private Limited, the Corporate Debtor. The applicant sought initiation of Corporate Insolvency Resolution Process (CIRP) based on a decree passed by the Delhi High Court for Rs. 15,23,00,000/- in favor of the applicant, stemming from a settlement agreement dated 11.09.2014. The Corporate Debtor made partial payments, but a cheque for Rs. 10,00,00,000/- was dishonored on 07.04.2016. The Financial Creditor then filed an execution petition before the High Court. The application under Section 7 of IBC was filed on 15.10.2019.
Mr. Rakesh Kumar Jain, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against ADTV Communications Private Limited (formerly known as AEG Infratech Private Limited), the Corporate Debtor. The application was based on a decree for Rs. 15,23,00,000/- passed by the Delhi High Court in CS (OS) No. 2183/2013, pursuant to a settlement agreement dated 11.09.2014. The Corporate Debtor made partial payments totaling Rs. 5,23,00,000/-, but a cheque for Rs. 10,00,00,000/-, payable on 31.03.2016, was dishonored on 07.04.2016. The Financial Creditor filed Execution Petition No. 65/2016 before the Delhi High Court to attach the Corporate Debtor's bank accounts. The application under Section 7 of IBC was filed on 15.10.2019.
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The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Rakesh Kumar Jain, the Financial Creditor, against ADTV Communications Private Limited, the Corporate Debtor. The applicant sought initiation of Corporate Insolvency Resolution Process (CIRP) based on a decree passed by the Delhi High Court for Rs. 15,23,00,000/- in favor of the applicant, stemming from a settlement agreement dated 11.09.2014. The Corporate Debtor made partial payments, but a cheque for Rs. 10,00,00,000/- was dishonored on 07.04.2016. The Financial Creditor then filed an execution petition before the High Court. The application under Section 7 of IBC was filed on 15.10.2019.
Mr. Rakesh Kumar Jain, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against ADTV Communications Private Limited (formerly known as AEG Infratech Private Limited), the Corporate Debtor. The application was based on a decree for Rs. 15,23,00,000/- passed by the Delhi High Court in CS (OS) No. 2183/2013, pursuant to a settlement agreement dated 11.09.2014. The Corporate Debtor made partial payments totaling Rs. 5,23,00,000/-, but a cheque for Rs. 10,00,00,000/-, payable on 31.03.2016, was dishonored on 07.04.2016. The Financial Creditor filed Execution Petition No. 65/2016 before the Delhi High Court to attach the Corporate Debtor's bank accounts. The application under Section 7 of IBC was filed on 15.10.2019.
…Settlement agreement entered into between Shri…
The Hon'ble High Court…