The case involves an application (I.A./5002/ND/2021) filed by Mr. Tarun Garg ('Applicant') under Section 42 of the Insolvency and Bankruptcy Code, 2016, seeking condonation of delay in filing a claim in Form G, directing the Liquidator to consider and admit the claim, or alternatively, directing Respondent No.2 to pay the applicant Rs.1,00,00,000/- with 18% interest. The applicant had paid Rs.1,00,00,000/- to the Corporate Debtor for the purchase of 10 Vitara Breeza cars, but the Corporate Debtor failed to deliver them. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, Marketing Times Automobiles Private Limited, on 14.11.2018. The applicant's claim was rejected by the Liquidator due to delay and a settlement between the
…Mr. Tarun Garg ('Applicant') paid Rs.1,00,00,000/- to M/s. Marketing Times Automobiles Private Limited ('Corporate Debtor') for 10 Vitara Breeza cars, as per an agreement dated 31.08.2017. The Corporate Debtor failed to deliver the cars. A public notice dated 31.05.2018 indicated the Corporate Debtor would cease to operate as an authorized dealer from 26.08.2018. CIRP was initiated against the Corporate Debtor on 14.11.2018. The Resolution Professional requested Respondent No.2 to release Rs.5,16,39,992.25/-. The Liquidator ('Respondent No.1') and Respondent No.2 entered into a settlement. The applicant submitted a claim in Form-G, which was rejected by the Liquidator on 29.09.2021 due to delay and the settlement. The Liquidation of the Corporate Debtor was initiated
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The case involves an application (I.A./5002/ND/2021) filed by Mr. Tarun Garg ('Applicant') under Section 42 of the Insolvency and Bankruptcy Code, 2016, seeking condonation of delay in filing a claim in Form G, directing the Liquidator to consider and admit the claim, or alternatively, directing Respondent No.2 to pay the applicant Rs.1,00,00,000/- with 18% interest. The applicant had paid Rs.1,00,00,000/- to the Corporate Debtor for the purchase of 10 Vitara Breeza cars, but the Corporate Debtor failed to deliver them. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, Marketing Times Automobiles Private Limited, on 14.11.2018. The applicant's claim was rejected by the Liquidator due to delay and a settlement between the
…Mr. Tarun Garg ('Applicant') paid Rs.1,00,00,000/- to M/s. Marketing Times Automobiles Private Limited ('Corporate Debtor') for 10 Vitara Breeza cars, as per an agreement dated 31.08.2017. The Corporate Debtor failed to deliver the cars. A public notice dated 31.05.2018 indicated the Corporate Debtor would cease to operate as an authorized dealer from 26.08.2018. CIRP was initiated against the Corporate Debtor on 14.11.2018. The Resolution Professional requested Respondent No.2 to release Rs.5,16,39,992.25/-. The Liquidator ('Respondent No.1') and Respondent No.2 entered into a settlement. The applicant submitted a claim in Form-G, which was rejected by the Liquidator on 29.09.2021 due to delay and the settlement. The Liquidation of the Corporate Debtor was initiated
…Agreement between the Applicant and the…
Public notice indicating that the Corporate…