The case involves an application filed by Delta Electro Mechanical Pvt. Ltd., the Operational Creditor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Sahara Hospitality Ltd., the Corporate Debtor. The initial Company Petition was filed due to a default of Rs. 51,77,97,495/-, comprising principal and interest. The parties initially agreed to settle the claim for Rs. 20 Crores to be paid in 14 monthly installments, leading to settlement terms dated 23.04.2019. However, the Corporate Debtor defaulted on these terms, prompting the Operational Creditor to file MA 2649 of 2019 seeking revival of the Company Petition.
Delta Electro Mechanical Pvt. Ltd. (Operational Creditor) filed a Company Petition against Sahara Hospitality Ltd. (Corporate Debtor) due to a default of Rs. 51,77,97,495/-. This amount included a principal of Rs. 32,72,03,256 and interest of Rs. 19,05,94,239/-. The parties initially agreed to settle the matter for Rs. 20 Crores to be paid in 14 monthly installments, leading to a settlement agreement dated 23.04.2019. The initial Company Petition was disposed of as withdrawn on 30.04.2019, with liberty granted to the Operational Creditor to revive it in case of breach of settlement terms. The Corporate Debtor defaulted on the settlement terms, leading the Operational Creditor to file MA 2649 of 2019 seeking revival of the Company Petition. The Corporate Debtor argued
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Company Petition CP (IB) 2430/2018 filed by…
Operational Creditor sent demand notice under…
The case involves an application filed by Delta Electro Mechanical Pvt. Ltd., the Operational Creditor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Sahara Hospitality Ltd., the Corporate Debtor. The initial Company Petition was filed due to a default of Rs. 51,77,97,495/-, comprising principal and interest. The parties initially agreed to settle the claim for Rs. 20 Crores to be paid in 14 monthly installments, leading to settlement terms dated 23.04.2019. However, the Corporate Debtor defaulted on these terms, prompting the Operational Creditor to file MA 2649 of 2019 seeking revival of the Company Petition.
Delta Electro Mechanical Pvt. Ltd. (Operational Creditor) filed a Company Petition against Sahara Hospitality Ltd. (Corporate Debtor) due to a default of Rs. 51,77,97,495/-. This amount included a principal of Rs. 32,72,03,256 and interest of Rs. 19,05,94,239/-. The parties initially agreed to settle the matter for Rs. 20 Crores to be paid in 14 monthly installments, leading to a settlement agreement dated 23.04.2019. The initial Company Petition was disposed of as withdrawn on 30.04.2019, with liberty granted to the Operational Creditor to revive it in case of breach of settlement terms. The Corporate Debtor defaulted on the settlement terms, leading the Operational Creditor to file MA 2649 of 2019 seeking revival of the Company Petition. The Corporate Debtor argued
…Company Petition CP (IB) 2430/2018 filed by…
Operational Creditor sent demand notice under…