The case involves a restored company petition filed by Saiarya Enterprises LLP (Financial Creditor) against Aloha International Brewpub Pvt Ltd (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The original petition was filed due to a default of Rs. 1,10,00,000/- arising from a loan facility granted to the Corporate Debtor. The Corporate Debtor provided post-dated cheques, but the first one bounced, leading to the initial Section 7 proceedings. During the pendency of the petition, the parties reached an amicable settlement with consent terms dated 27th July 2023, and the petition was disposed of. However, the Corporate Debtor defaulted on the consent terms, leading to the restoration of the original petition. The Financial Creditor
…Saiarya Enterprises LLP (Financial Creditor) granted a loan facility of Rs. 1,10,00,000/- to Aloha International Brewpub Pvt Ltd (Corporate Debtor). The Corporate Debtor issued four post-dated cheques to repay the loan. The first cheque bounced, leading the Financial Creditor to initiate proceedings under Section 7 of the IBC. During the pendency of the petition, the parties reached an amicable settlement with consent terms dated 27th July 2023. The petition was disposed of based on these consent terms. The Corporate Debtor agreed to pay Rs. 1,10,00,000/- in eight tranches. The Corporate Debtor repaid three tranches, but the remaining five cheques were dishonoured. The Financial Creditor then sought to revive the original petition. The Corporate Debtor argued that the
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Petition for initiation…
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The case involves a restored company petition filed by Saiarya Enterprises LLP (Financial Creditor) against Aloha International Brewpub Pvt Ltd (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The original petition was filed due to a default of Rs. 1,10,00,000/- arising from a loan facility granted to the Corporate Debtor. The Corporate Debtor provided post-dated cheques, but the first one bounced, leading to the initial Section 7 proceedings. During the pendency of the petition, the parties reached an amicable settlement with consent terms dated 27th July 2023, and the petition was disposed of. However, the Corporate Debtor defaulted on the consent terms, leading to the restoration of the original petition. The Financial Creditor
…Saiarya Enterprises LLP (Financial Creditor) granted a loan facility of Rs. 1,10,00,000/- to Aloha International Brewpub Pvt Ltd (Corporate Debtor). The Corporate Debtor issued four post-dated cheques to repay the loan. The first cheque bounced, leading the Financial Creditor to initiate proceedings under Section 7 of the IBC. During the pendency of the petition, the parties reached an amicable settlement with consent terms dated 27th July 2023. The petition was disposed of based on these consent terms. The Corporate Debtor agreed to pay Rs. 1,10,00,000/- in eight tranches. The Corporate Debtor repaid three tranches, but the remaining five cheques were dishonoured. The Financial Creditor then sought to revive the original petition. The Corporate Debtor argued that the
…Petition for initiation…
Parties arrived at an…