The case involves an application filed by Mr. Mahendra Kumar Sharma, an operational creditor, against Samtel Glass Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claims a default of Rs. 13,58,249/-. The corporate debtor's factory discontinued operations on 07.11.2012, leading to disputes with workers. A settlement was reached before the Labour Tribunal on 20.03.2014, but the corporate debtor allegedly breached the terms. The corporate debtor's property was mortgaged with secured lenders, and SBI initiated recovery proceedings under SARFAESI Act, 2002. The corporate debtor offered a One Time Settlement (OTS) to the banks, which was accepted by SBI. The auction purchaser challenged this, leading to
…Mr. Mahendra Kumar Sharma, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Samtel Glass Limited, the corporate debtor, claiming a default of Rs. 13,58,249/-. The corporate debtor's factory ceased operations on 07.11.2012, leading to disputes with its workers. A settlement was reached before the Labour Tribunal on 20.03.2014, with the corporate debtor agreeing to pay outstanding dues. The settlement terms included termination of 473 workmen, payment of salary from October to November 2012, bonus for 2011-12 and 2012-13, and compensation under the Industrial Disputes Act. The corporate debtor paid the first installment of Rs. 95,00,000/- but failed to disburse the remaining amount. The corporate debtor's
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Samtel Glass…
Corporate D…
The case involves an application filed by Mr. Mahendra Kumar Sharma, an operational creditor, against Samtel Glass Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claims a default of Rs. 13,58,249/-. The corporate debtor's factory discontinued operations on 07.11.2012, leading to disputes with workers. A settlement was reached before the Labour Tribunal on 20.03.2014, but the corporate debtor allegedly breached the terms. The corporate debtor's property was mortgaged with secured lenders, and SBI initiated recovery proceedings under SARFAESI Act, 2002. The corporate debtor offered a One Time Settlement (OTS) to the banks, which was accepted by SBI. The auction purchaser challenged this, leading to
…Mr. Mahendra Kumar Sharma, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Samtel Glass Limited, the corporate debtor, claiming a default of Rs. 13,58,249/-. The corporate debtor's factory ceased operations on 07.11.2012, leading to disputes with its workers. A settlement was reached before the Labour Tribunal on 20.03.2014, with the corporate debtor agreeing to pay outstanding dues. The settlement terms included termination of 473 workmen, payment of salary from October to November 2012, bonus for 2011-12 and 2012-13, and compensation under the Industrial Disputes Act. The corporate debtor paid the first installment of Rs. 95,00,000/- but failed to disburse the remaining amount. The corporate debtor's
…Samtel Glass…
Corporate D…