The case involves an application filed under Section 9(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Johnson Lifts Private Limited (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Jewel Homes Private Limited (Corporate Debtor). The Corporate Debtor's business involves the installation, maintenance, servicing, and repair of elevators and escalators. After the initiation of CIRP, a moratorium was declared under Section 14(1) of the IBC, and Shri. K. Easwara Pillai was appointed as Interim Resolution Professional (IRP) under Section 16(1) of the IBC. The Operational Creditor was directed to deposit Rs. 2,00,000/- to meet initial CIRP costs. The Applicant had initiated legal proceedings against the Corporate Debtor
…M/s Johnson Lifts Private Limited (Operational Creditor) filed an application under Section 9(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Jewel Homes Private Limited (Corporate Debtor). The Corporate Debtor is involved in the business of installation, maintenance, servicing, and repair of elevators and escalators. After CIRP initiation, a moratorium was declared, and an Interim Resolution Professional (IRP) was appointed. The Operational Creditor was directed to deposit Rs. 2,00,000/- for initial CIRP costs. Prior to CIRP, the Applicant had initiated legal proceedings against the Corporate Debtor through Arbitration and obtained an Arbitral Award. On 2021-08-19, a settlement was reached for
…Sign in to view the parties.
A settlement was arrived at for Rs. 23,00,000/-…
The Tribunal admitted the application…
The case involves an application filed under Section 9(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Johnson Lifts Private Limited (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Jewel Homes Private Limited (Corporate Debtor). The Corporate Debtor's business involves the installation, maintenance, servicing, and repair of elevators and escalators. After the initiation of CIRP, a moratorium was declared under Section 14(1) of the IBC, and Shri. K. Easwara Pillai was appointed as Interim Resolution Professional (IRP) under Section 16(1) of the IBC. The Operational Creditor was directed to deposit Rs. 2,00,000/- to meet initial CIRP costs. The Applicant had initiated legal proceedings against the Corporate Debtor
…M/s Johnson Lifts Private Limited (Operational Creditor) filed an application under Section 9(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Jewel Homes Private Limited (Corporate Debtor). The Corporate Debtor is involved in the business of installation, maintenance, servicing, and repair of elevators and escalators. After CIRP initiation, a moratorium was declared, and an Interim Resolution Professional (IRP) was appointed. The Operational Creditor was directed to deposit Rs. 2,00,000/- for initial CIRP costs. Prior to CIRP, the Applicant had initiated legal proceedings against the Corporate Debtor through Arbitration and obtained an Arbitral Award. On 2021-08-19, a settlement was reached for
…A settlement was arrived at for Rs. 23,00,000/-…
The Tribunal admitted the application…