Shark Mines & Minerals Private Limited, the Operational Creditor (OC), filed C.P. (IB) No.1876/KB/2019 against Maithan Ispat Limited, the Corporate Debtor (CD), for initiation of Corporate Insolvency Resolution Process (CIRP). The C.P. (IB) No.1876/KB/2019 was filed for a total debt of Rs.9,53,02,840/-, including a principal debt of Rs.8,83,49,703/- and interest of Rs.69,53,137/- as of 2019-08-31. After negotiations, a settlement agreement was executed on 2021-09-02 for Rs.9,53,02,840/-, inclusive of principal and interest, with future payment dates and raw material supply. The main petition was withdrawn by the OC on 2021-09-02, but the order didn't mention liberty to revive the petition if the settlement failed. The OC claims the CD defaulted in payment and/or
…Shark Mines & Minerals Private Limited (Operational Creditor) filed C.P. (IB) No.1876/KB/2019 against Maithan Ispat Limited (Corporate Debtor) for initiating CIRP, claiming a total debt of Rs. 9,53,02,840 as of 2019-08-31. The matter was initially listed on 2019-11-08. After negotiations, a settlement agreement was executed on 2021-09-02 for the same amount, including principal and interest, with future payment dates and raw material supply. Clause 3 of the settlement agreement outlined payment terms of Rs. 25,00,000 on 2021-09-02 and Rs. 25,00,000 on 2021-09-03, and the supply of 40000 tonnes of Iron Ore. Clause 6 stipulated that the settlement agreement would become null and void in case of any default in payment, allowing the Operational Creditor to revive the
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Date of default for the…
C.P. (IB) No.1876/KB/201…
Shark Mines & Minerals Private Limited, the Operational Creditor (OC), filed C.P. (IB) No.1876/KB/2019 against Maithan Ispat Limited, the Corporate Debtor (CD), for initiation of Corporate Insolvency Resolution Process (CIRP). The C.P. (IB) No.1876/KB/2019 was filed for a total debt of Rs.9,53,02,840/-, including a principal debt of Rs.8,83,49,703/- and interest of Rs.69,53,137/- as of 2019-08-31. After negotiations, a settlement agreement was executed on 2021-09-02 for Rs.9,53,02,840/-, inclusive of principal and interest, with future payment dates and raw material supply. The main petition was withdrawn by the OC on 2021-09-02, but the order didn't mention liberty to revive the petition if the settlement failed. The OC claims the CD defaulted in payment and/or
…Shark Mines & Minerals Private Limited (Operational Creditor) filed C.P. (IB) No.1876/KB/2019 against Maithan Ispat Limited (Corporate Debtor) for initiating CIRP, claiming a total debt of Rs. 9,53,02,840 as of 2019-08-31. The matter was initially listed on 2019-11-08. After negotiations, a settlement agreement was executed on 2021-09-02 for the same amount, including principal and interest, with future payment dates and raw material supply. Clause 3 of the settlement agreement outlined payment terms of Rs. 25,00,000 on 2021-09-02 and Rs. 25,00,000 on 2021-09-03, and the supply of 40000 tonnes of Iron Ore. Clause 6 stipulated that the settlement agreement would become null and void in case of any default in payment, allowing the Operational Creditor to revive the
…Date of default for the…
C.P. (IB) No.1876/KB/201…