The case involves an application filed by a financial creditor, M/s. Sahil Holdings Private Limited, to revive a previously withdrawn Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/s. Saluja Constructions Co. Ltd. The initial CIRP was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, due to the corporate debtor's failure to repay a debt of Rs. 11,08,84,000/-. The petition was admitted on 29.08.2019. Subsequently, a settlement agreement was reached between the parties, leading to the withdrawal of the CIRP application on 05.09.2019, with liberty to revive the petition if the settlement terms were not met. The corporate debtor failed to fully comply with the settlement terms, leading to the current application
…M/s. Sahil Holdings Private Limited (Financial Creditor/Applicant) filed an application to revive CP(IB) No.1457/PB/2019 against M/s. Saluja Constructions Co. Ltd. (Corporate Debtor/Respondent). The initial petition was filed under Section 7 of the IBC, 2016, due to a default of Rs. 11,08,84,000/-. The petition was admitted on 29.08.2019. A settlement agreement was entered into on 02.09.2019, settling the total outstanding amount at Rs. 10,90,00,000/-, with Rs. 5,00,00,000/- paid upfront and the balance to be paid in installments. The initial petition was withdrawn on 05.09.2019, with liberty to revive if the settlement terms were not complied with. The Corporate Debtor repaid Rs. 1,00,00,000/- in December 2019 but failed to pay the remaining Rs. 4,90,00,000/-. A
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The initial petition under Section 7 of the…
A settlement agreement…
The case involves an application filed by a financial creditor, M/s. Sahil Holdings Private Limited, to revive a previously withdrawn Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/s. Saluja Constructions Co. Ltd. The initial CIRP was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, due to the corporate debtor's failure to repay a debt of Rs. 11,08,84,000/-. The petition was admitted on 29.08.2019. Subsequently, a settlement agreement was reached between the parties, leading to the withdrawal of the CIRP application on 05.09.2019, with liberty to revive the petition if the settlement terms were not met. The corporate debtor failed to fully comply with the settlement terms, leading to the current application
…M/s. Sahil Holdings Private Limited (Financial Creditor/Applicant) filed an application to revive CP(IB) No.1457/PB/2019 against M/s. Saluja Constructions Co. Ltd. (Corporate Debtor/Respondent). The initial petition was filed under Section 7 of the IBC, 2016, due to a default of Rs. 11,08,84,000/-. The petition was admitted on 29.08.2019. A settlement agreement was entered into on 02.09.2019, settling the total outstanding amount at Rs. 10,90,00,000/-, with Rs. 5,00,00,000/- paid upfront and the balance to be paid in installments. The initial petition was withdrawn on 05.09.2019, with liberty to revive if the settlement terms were not complied with. The Corporate Debtor repaid Rs. 1,00,00,000/- in December 2019 but failed to pay the remaining Rs. 4,90,00,000/-. A
…The initial petition under Section 7 of the…
A settlement agreement…