The case involves a petition filed by Mr. Sammeer Sheth, the Financial Creditor, against Palmtree Developments Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The petition was initially disposed of due to consent terms agreed upon by both parties on 2020-01-15. However, the Corporate Debtor failed to adhere to these terms, leading the Financial Creditor to file a restoration application (IA No. 406 of 2020), which was allowed, and the main Company Petition was restored. The Corporate Debtor admitted to a default, stating that Rs. 30 lakhs had been paid out of a total settlement amount of Rs. 55 lakhs, with a willingness to pay the remaining Rs. 25
…Mr. Sammeer Sheth, acting as the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Palmtree Developments Pvt. Ltd., the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) for an unresolved financial debt of Rs. 1,31,70,000. Initially, the petition was disposed of on 2020-01-15 due to consent terms agreed upon by both parties. However, Palmtree Developments Pvt. Ltd. failed to adhere to these consent terms. Consequently, Mr. Sheth filed a restoration application, which was allowed, and the petition was reinstated. During the proceedings, Palmtree Developments Pvt. Ltd. admitted to the default and stated that Rs. 30 lakhs had been paid out of a total settlement amount of
…Sign in to view the parties.
The Company Petition was initially disposed of…
The Financial Creditor filed a restoration…
The case involves a petition filed by Mr. Sammeer Sheth, the Financial Creditor, against Palmtree Developments Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The petition was initially disposed of due to consent terms agreed upon by both parties on 2020-01-15. However, the Corporate Debtor failed to adhere to these terms, leading the Financial Creditor to file a restoration application (IA No. 406 of 2020), which was allowed, and the main Company Petition was restored. The Corporate Debtor admitted to a default, stating that Rs. 30 lakhs had been paid out of a total settlement amount of Rs. 55 lakhs, with a willingness to pay the remaining Rs. 25
…Mr. Sammeer Sheth, acting as the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Palmtree Developments Pvt. Ltd., the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) for an unresolved financial debt of Rs. 1,31,70,000. Initially, the petition was disposed of on 2020-01-15 due to consent terms agreed upon by both parties. However, Palmtree Developments Pvt. Ltd. failed to adhere to these consent terms. Consequently, Mr. Sheth filed a restoration application, which was allowed, and the petition was reinstated. During the proceedings, Palmtree Developments Pvt. Ltd. admitted to the default and stated that Rs. 30 lakhs had been paid out of a total settlement amount of
…The Company Petition was initially disposed of…
The Financial Creditor filed a restoration…