The case involves Globe Fincap Limited as the applicant/petitioner and Alps Motor Finance Limited as the respondent. The matter pertains to Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The counsels for both parties are in discussion to reach a settlement regarding the defaulted amount to be paid by the Corporate Debtor (CD) to the Financial Creditor (FC), which is the petitioner.
Globe Fincap Limited filed an application against Alps Motor Finance Limited under Section 7 of the IBC, 2016. The counsels for both parties informed the court that they are in talks to settle the matter regarding the defaulted amount. The counsel appearing for the Corporate Debtor (Alps Motor Finance Limited) submitted that the CD is in the process of selling its assets to discharge its debts. Given the ongoing settlement talks, the court found no justification to keep the applications pending. The relevance of the fact that the CD is selling assets is to show their willingness to settle the debt.
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The order was delivered on April 16, 2024,…
The case involves Globe Fincap Limited as the applicant/petitioner and Alps Motor Finance Limited as the respondent. The matter pertains to Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The counsels for both parties are in discussion to reach a settlement regarding the defaulted amount to be paid by the Corporate Debtor (CD) to the Financial Creditor (FC), which is the petitioner.
Globe Fincap Limited filed an application against Alps Motor Finance Limited under Section 7 of the IBC, 2016. The counsels for both parties informed the court that they are in talks to settle the matter regarding the defaulted amount. The counsel appearing for the Corporate Debtor (Alps Motor Finance Limited) submitted that the CD is in the process of selling its assets to discharge its debts. Given the ongoing settlement talks, the court found no justification to keep the applications pending. The relevance of the fact that the CD is selling assets is to show their willingness to settle the debt.
The order was delivered on April 16, 2024,…