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, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant alleges a default of Rs. 13,58,249/-. The corporate debtor's operations ceased on 07.11.2012, leading to disputes with workmen regarding unpaid wages and dues. The matter was referred to the Labour Tribunal, Kota, resulting in an award dated 20.03.2014 based on a mutual settlement. The corporate debtor failed to adhere to the settlement terms, leading to further legal actions. The State Bank of India initiated SARFAESI proceedings to recover loans, and the corporate debtor's
…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, seeking to initiate CIRP due to a default of Rs. 13,58,249/-. The corporate debtor ceased operations on 07.11.2012, leading to disputes with workmen over unpaid wages. A mutual settlement was reached, and the Labour Tribunal, Kota, passed an award on 20.03.2014. The corporate debtor failed to adhere to the settlement terms, leading to further legal actions. The State Bank of India initiated SARFAESI proceedings, and the corporate debtor's property was subject to auction and various litigations. The corporate debtor made a partial payment of Rs. 95,00,000/- but failed to pay the
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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, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant alleges a default of Rs. 13,58,249/-. The corporate debtor's operations ceased on 07.11.2012, leading to disputes with workmen regarding unpaid wages and dues. The matter was referred to the Labour Tribunal, Kota, resulting in an award dated 20.03.2014 based on a mutual settlement. The corporate debtor failed to adhere to the settlement terms, leading to further legal actions. The State Bank of India initiated SARFAESI proceedings to recover loans, and the corporate debtor's
…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, seeking to initiate CIRP due to a default of Rs. 13,58,249/-. The corporate debtor ceased operations on 07.11.2012, leading to disputes with workmen over unpaid wages. A mutual settlement was reached, and the Labour Tribunal, Kota, passed an award on 20.03.2014. The corporate debtor failed to adhere to the settlement terms, leading to further legal actions. The State Bank of India initiated SARFAESI proceedings, and the corporate debtor's property was subject to auction and various litigations. The corporate debtor made a partial payment of Rs. 95,00,000/- but failed to pay the
…The Corporate…
Closure of the…