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 dispose of the company petition. The Financial Creditor opposed the application, contending that the Corporate Debtor had defaulted on payments under a prior settlement agreement dated 28.01.2021 and that the subsequent agreement was contingent on a payment that was not fulfilled.
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 an application (I.A. 4859/2021) seeking to bring on record a settlement agreement dated 01.04.2021 and to dispose of the company petition. The Corporate Debtor claimed that as per the 01.04.2021 agreement, the total payable amount was Rs. 60 lakhs, out of which Rs. 55 lakhs had already been paid, with only Rs. 5 lakhs pending. The Financial Creditor opposed the application, stating that the Corporate Debtor had offered to pay Rs. 1.40 Crores under a settlement agreement dated 28.01.2021, but failed to fulfill the terms. The Financial Creditor
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Company Petition No.…
Financial Creditor furnished Form no. 1 under…
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 dispose of the company petition. The Financial Creditor opposed the application, contending that the Corporate Debtor had defaulted on payments under a prior settlement agreement dated 28.01.2021 and that the subsequent agreement was contingent on a payment that was not fulfilled.
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 an application (I.A. 4859/2021) seeking to bring on record a settlement agreement dated 01.04.2021 and to dispose of the company petition. The Corporate Debtor claimed that as per the 01.04.2021 agreement, the total payable amount was Rs. 60 lakhs, out of which Rs. 55 lakhs had already been paid, with only Rs. 5 lakhs pending. The Financial Creditor opposed the application, stating that the Corporate Debtor had offered to pay Rs. 1.40 Crores under a settlement agreement dated 28.01.2021, but failed to fulfill the terms. The Financial Creditor
…Company Petition No.…
Financial Creditor furnished Form no. 1 under…