The case involves an application (IA 1521/2022) for the revival of a Company Petition (IB)/1738(MB)2017 filed under Rule 11 of NCLT Rules, 2016. The applicant, M/s. Ela Enterprise, had initially filed a Company Petition for initiating Corporate Insolvency and Bankruptcy Code proceedings for a debt of Rs. 1,61,81,246/- against Omkar Speciality Chemical Limited. Subsequently, the Corporate Debtor and Operational Creditor entered into a settlement agreement, with liberty granted to the Operational Creditor vide order dated 13.03.2020.
M/s. Ela Enterprise, the Operational Creditor, filed a Company Petition (IB)/1738(MB)2017 seeking initiation of Corporate Insolvency and Bankruptcy Code (CIRP) against Omkar Speciality Chemical Limited for a debt of Rs. 1,61,81,246/-. A settlement agreement was entered into between the Corporate Debtor and Operational Creditor, with liberty granted to the Operational Creditor via an order dated 13.03.2020. The Corporate Debtor allegedly failed to pay the first installment as per the settlement agreement. The Operational Creditor then filed an application (IA 1521/2022) for the revival of the Company Petition. During the hearing, the Corporate Debtor admitted its inability to pay the outstanding amount. This admission and the alleged breach of the settlement agreement
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Order was granted to…
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The case involves an application (IA 1521/2022) for the revival of a Company Petition (IB)/1738(MB)2017 filed under Rule 11 of NCLT Rules, 2016. The applicant, M/s. Ela Enterprise, had initially filed a Company Petition for initiating Corporate Insolvency and Bankruptcy Code proceedings for a debt of Rs. 1,61,81,246/- against Omkar Speciality Chemical Limited. Subsequently, the Corporate Debtor and Operational Creditor entered into a settlement agreement, with liberty granted to the Operational Creditor vide order dated 13.03.2020.
M/s. Ela Enterprise, the Operational Creditor, filed a Company Petition (IB)/1738(MB)2017 seeking initiation of Corporate Insolvency and Bankruptcy Code (CIRP) against Omkar Speciality Chemical Limited for a debt of Rs. 1,61,81,246/-. A settlement agreement was entered into between the Corporate Debtor and Operational Creditor, with liberty granted to the Operational Creditor via an order dated 13.03.2020. The Corporate Debtor allegedly failed to pay the first installment as per the settlement agreement. The Operational Creditor then filed an application (IA 1521/2022) for the revival of the Company Petition. During the hearing, the Corporate Debtor admitted its inability to pay the outstanding amount. This admission and the alleged breach of the settlement agreement
…Order was granted to…
Date of the order sheet of the hearing of…