This case involves an Interlocutory Application (IA) filed by Vikrant Ispat Udyog, the Applicant/Operational Creditor (OC), seeking the restoration of C.P. No. 1544/MB/2017 (Main Application) against B.E. Billimoria and Company Limited, the Respondent/Corporate Debtor (CD). The Main Application was initially disposed of on 25.01.2019 due to an amicable settlement between the parties regarding the debt amount. The Applicant/OC is now seeking to revive the Main Application and initiate the Corporate Insolvency Resolution Process (CIRP) against the CD, citing a breach of the settlement terms. The original default was based on unpaid invoices for supplied goods. The CD had initially made payments but later defaulted, leading to the OC filing the Main Application under
…Vikrant Ispat Udyog (OC) supplied iron products to B.E. Billimoria and Company Limited (CD) between 25.08.2015 and 19.12.2015. The CD initially made payments but defaulted, with the last payment on 09.05.2016. The OC issued a demand notice under Section 8 of IBC for Rs. 98,79,591/-, which the CD denied. The OC filed C.P. (IB) No. 1544/MB/2017 on 03.11.2017. During the pendency of the Main Application, the CD paid Rs. 51,00,011/-, leaving a balance of Rs. 47,79,580/-. The parties entered into a settlement, and the Tribunal disposed of the Main Application on 25.01.2019, with a payment schedule and a 12% p.a. interest rate on delayed payments. The CD challenged the Settlement Order before NCLAT, which was rejected on 11.02.2020. The CD failed to make further payments as
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OC supplied iron…
CD made its last…
This case involves an Interlocutory Application (IA) filed by Vikrant Ispat Udyog, the Applicant/Operational Creditor (OC), seeking the restoration of C.P. No. 1544/MB/2017 (Main Application) against B.E. Billimoria and Company Limited, the Respondent/Corporate Debtor (CD). The Main Application was initially disposed of on 25.01.2019 due to an amicable settlement between the parties regarding the debt amount. The Applicant/OC is now seeking to revive the Main Application and initiate the Corporate Insolvency Resolution Process (CIRP) against the CD, citing a breach of the settlement terms. The original default was based on unpaid invoices for supplied goods. The CD had initially made payments but later defaulted, leading to the OC filing the Main Application under
…Vikrant Ispat Udyog (OC) supplied iron products to B.E. Billimoria and Company Limited (CD) between 25.08.2015 and 19.12.2015. The CD initially made payments but defaulted, with the last payment on 09.05.2016. The OC issued a demand notice under Section 8 of IBC for Rs. 98,79,591/-, which the CD denied. The OC filed C.P. (IB) No. 1544/MB/2017 on 03.11.2017. During the pendency of the Main Application, the CD paid Rs. 51,00,011/-, leaving a balance of Rs. 47,79,580/-. The parties entered into a settlement, and the Tribunal disposed of the Main Application on 25.01.2019, with a payment schedule and a 12% p.a. interest rate on delayed payments. The CD challenged the Settlement Order before NCLAT, which was rejected on 11.02.2020. The CD failed to make further payments as
…OC supplied iron…
CD made its last…