The case involves an application (I.A. 4859/2021) filed by Intergen Energy Ltd. (Corporate Debtor) in relation to a Company Petition (IB-3079/(ND)/2019) initiated by Mr. Anil Hada (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor sought to bring on record a settlement agreement dated 01.04.2021 and to dismiss the company petition. The Financial Creditor opposed the application, claiming a prior settlement agreement dated 28.01.2021 existed and that the Corporate Debtor had defaulted on payments. The Financial Creditor also alleged that the settlement agreement dated 01.04.2021 was contingent upon the payment of Rs. 80 Lakhs by 23.03.2021, which was not fulfilled. The Corporate Debtor argued that the subsequent
…Mr. Anil Hada (Financial Creditor) initiated CIRP against Intergen Energy Ltd. (Corporate Debtor) under Section 7 of IBC, 2016, for a default of Rs. 100 Lakhs including interest @ 6% p.a. as on 01.05.2019. The Corporate Debtor filed I.A. 4859/2021 seeking to bring on record a settlement agreement dated 01.04.2021 and dismiss the company petition. The Corporate Debtor claimed that as per the settlement agreement dated 01.04.2021, the total payable amount was Rs. 60 Lakhs, out of which Rs. 55 Lakhs had been paid, with only Rs. 5 Lakhs pending. The Financial Creditor opposed this, stating that a prior settlement agreement dated 28.01.2021 existed, where the Corporate Debtor agreed to pay Rs. 1.40 Crores. The Financial Creditor claimed that only Rs. 75 Lakhs had been paid
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Company Petition No. (IB) – 3079/ (ND) /2019…
Default in payment of…
The case involves an application (I.A. 4859/2021) filed by Intergen Energy Ltd. (Corporate Debtor) in relation to a Company Petition (IB-3079/(ND)/2019) initiated by Mr. Anil Hada (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor sought to bring on record a settlement agreement dated 01.04.2021 and to dismiss the company petition. The Financial Creditor opposed the application, claiming a prior settlement agreement dated 28.01.2021 existed and that the Corporate Debtor had defaulted on payments. The Financial Creditor also alleged that the settlement agreement dated 01.04.2021 was contingent upon the payment of Rs. 80 Lakhs by 23.03.2021, which was not fulfilled. The Corporate Debtor argued that the subsequent
…Mr. Anil Hada (Financial Creditor) initiated CIRP against Intergen Energy Ltd. (Corporate Debtor) under Section 7 of IBC, 2016, for a default of Rs. 100 Lakhs including interest @ 6% p.a. as on 01.05.2019. The Corporate Debtor filed I.A. 4859/2021 seeking to bring on record a settlement agreement dated 01.04.2021 and dismiss the company petition. The Corporate Debtor claimed that as per the settlement agreement dated 01.04.2021, the total payable amount was Rs. 60 Lakhs, out of which Rs. 55 Lakhs had been paid, with only Rs. 5 Lakhs pending. The Financial Creditor opposed this, stating that a prior settlement agreement dated 28.01.2021 existed, where the Corporate Debtor agreed to pay Rs. 1.40 Crores. The Financial Creditor claimed that only Rs. 75 Lakhs had been paid
…Company Petition No. (IB) – 3079/ (ND) /2019…
Default in payment of…