The case involves an application for withdrawal of a company petition under section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A(3) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution process for corporate persons) Regulations, 2016. The application was filed due to a settlement reached between M/s. Sahni International (Operational Creditor) and LRM Spices Pvt. Ltd. (Corporate Debtor).
M/s. Sahni International initiated insolvency proceedings against LRM Spices Pvt. Ltd. under Section 9 of the IBC, 2016. Subsequently, the parties reached a settlement where LRM Spices Pvt. Ltd. agreed to pay Rs. 32 Lakhs to M/s. Sahni International. This amount was paid via two demand drafts of Rs. 16 Lakhs each, and the receipt was acknowledged by the Operational Creditor. Additionally, Rs. 2 Lakhs was paid towards the IRP's costs and expenses. Based on this settlement, an application was filed under Section 12A of the I&B Code, 2016, to withdraw the company petition. The Interim Resolution Professional (IRP), Satish Kumar Chugh, confirmed the receipt of the settlement amount and fees. The relevance of these facts lies in demonstrating that the settlement was
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Settlement Agreement…
Two Demand Drafts dated…
The case involves an application for withdrawal of a company petition under section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A(3) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution process for corporate persons) Regulations, 2016. The application was filed due to a settlement reached between M/s. Sahni International (Operational Creditor) and LRM Spices Pvt. Ltd. (Corporate Debtor).
M/s. Sahni International initiated insolvency proceedings against LRM Spices Pvt. Ltd. under Section 9 of the IBC, 2016. Subsequently, the parties reached a settlement where LRM Spices Pvt. Ltd. agreed to pay Rs. 32 Lakhs to M/s. Sahni International. This amount was paid via two demand drafts of Rs. 16 Lakhs each, and the receipt was acknowledged by the Operational Creditor. Additionally, Rs. 2 Lakhs was paid towards the IRP's costs and expenses. Based on this settlement, an application was filed under Section 12A of the I&B Code, 2016, to withdraw the company petition. The Interim Resolution Professional (IRP), Satish Kumar Chugh, confirmed the receipt of the settlement amount and fees. The relevance of these facts lies in demonstrating that the settlement was
…Settlement Agreement…
Two Demand Drafts dated…