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 original petition was for the initiation of Corporate Insolvency and Bankruptcy Code (CIRP) for a claim of Rs. 1,61,81,246/-. The Corporate Debtor and Operational Creditor had previously entered into a settlement agreement, with liberty granted to the Operational Creditor via an order dated 13.03.2020.
M/s. Ela Enterprise, the Operational Creditor, filed a Company Petition (IB)/1738(MB)2017 seeking initiation of CIRP against Omkar Speciality Chemical Limited, the Corporate Debtor, for a claim of Rs. 1,61,81,246/-. The parties had entered into a settlement agreement, and the Operational Creditor was granted liberty via an order dated 13.03.2020. However, the Corporate Debtor allegedly failed to pay the first installment as per the settlement terms. Consequently, the Operational Creditor filed IA No. 1521 of 2022 for the revival of the Company Petition. The Corporate Debtor admitted its inability to pay the outstanding amount. The relevance of these facts lies in establishing the grounds for reviving the CIRP process, specifically the breach of the settlement agreement
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M/s. Ela Enterprise…
Order dated 13.03.2020 granted liberty to the…
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 original petition was for the initiation of Corporate Insolvency and Bankruptcy Code (CIRP) for a claim of Rs. 1,61,81,246/-. The Corporate Debtor and Operational Creditor had previously entered into a settlement agreement, with liberty granted to the Operational Creditor via an order dated 13.03.2020.
M/s. Ela Enterprise, the Operational Creditor, filed a Company Petition (IB)/1738(MB)2017 seeking initiation of CIRP against Omkar Speciality Chemical Limited, the Corporate Debtor, for a claim of Rs. 1,61,81,246/-. The parties had entered into a settlement agreement, and the Operational Creditor was granted liberty via an order dated 13.03.2020. However, the Corporate Debtor allegedly failed to pay the first installment as per the settlement terms. Consequently, the Operational Creditor filed IA No. 1521 of 2022 for the revival of the Company Petition. The Corporate Debtor admitted its inability to pay the outstanding amount. The relevance of these facts lies in establishing the grounds for reviving the CIRP process, specifically the breach of the settlement agreement
…M/s. Ela Enterprise…
Order dated 13.03.2020 granted liberty to the…