The Operational Creditor (Prakash Corporates) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the 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. While the matter was part-heard, the Operational Creditor sought to withdraw the petition due to a settlement reached with the Corporate Debtor.
Prakash Corporates, the Operational Creditor, initiated CIRP against Dee Vee Projects Limited, the Corporate Debtor, for defaulting on a payment of Rs. 13,36,52,632/-. The Corporate Debtor filed a counter with defects. Subsequently, both parties reached a settlement where the Corporate Debtor agreed to pay Rs. 11,88,00,000/- in installments. The Operational Creditor sought to withdraw the petition but requested the liberty to revive it if the Corporate Debtor defaulted on the settlement. The settlement deed was executed on 2021-12-20. The Corporate Debtor was to pay the amount in 13 installments commencing from 2021-12-23 and terminating on 2022-09-30. The Operational Creditor reserved liberty to file an application to revive/restore the instant CP(IB) No.179/CTB/2020
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The Corporate Debtor filed a Counter to the…
The Operational…
The Operational Creditor (Prakash Corporates) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the 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. While the matter was part-heard, the Operational Creditor sought to withdraw the petition due to a settlement reached with the Corporate Debtor.
Prakash Corporates, the Operational Creditor, initiated CIRP against Dee Vee Projects Limited, the Corporate Debtor, for defaulting on a payment of Rs. 13,36,52,632/-. The Corporate Debtor filed a counter with defects. Subsequently, both parties reached a settlement where the Corporate Debtor agreed to pay Rs. 11,88,00,000/- in installments. The Operational Creditor sought to withdraw the petition but requested the liberty to revive it if the Corporate Debtor defaulted on the settlement. The settlement deed was executed on 2021-12-20. The Corporate Debtor was to pay the amount in 13 installments commencing from 2021-12-23 and terminating on 2022-09-30. The Operational Creditor reserved liberty to file an application to revive/restore the instant CP(IB) No.179/CTB/2020
…The Corporate Debtor filed a Counter to the…
The Operational…