The Operational Creditor (OC) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (CD) for defaulting on a payment of Rs. 13,36,52,632/- for services rendered. The CD filed a counter, which was returned for rectification of defects, but the defects were never rectified. Subsequently, the OC and CD reached a settlement and filed a Joint Memo to dispose of the petition.
The Operational Creditor (Prakash Corporates) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (Dee Vee Projects Limited) for defaulting on a payment of Rs. 13,36,52,632/- for services rendered. The Corporate Debtor filed a counter, which was returned for rectification of defects, but the defects were never rectified. The Operational Creditor and Corporate Debtor subsequently reached a settlement where the Corporate Debtor agreed to pay Rs. 11,88,00,000/- in 13 installments commencing from 23.12.2021 and terminating on 30.09.2022. The Operational Creditor sought liberty to revive the petition if the Corporate Debtor defaulted on the settlement terms. The
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Corporate Debtor filed a Counter to the…
Operational Creditor…
The Operational Creditor (OC) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (CD) for defaulting on a payment of Rs. 13,36,52,632/- for services rendered. The CD filed a counter, which was returned for rectification of defects, but the defects were never rectified. Subsequently, the OC and CD reached a settlement and filed a Joint Memo to dispose of the petition.
The Operational Creditor (Prakash Corporates) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (Dee Vee Projects Limited) for defaulting on a payment of Rs. 13,36,52,632/- for services rendered. The Corporate Debtor filed a counter, which was returned for rectification of defects, but the defects were never rectified. The Operational Creditor and Corporate Debtor subsequently reached a settlement where the Corporate Debtor agreed to pay Rs. 11,88,00,000/- in 13 installments commencing from 23.12.2021 and terminating on 30.09.2022. The Operational Creditor sought liberty to revive the petition if the Corporate Debtor defaulted on the settlement terms. The
…Corporate Debtor filed a Counter to the…
Operational Creditor…