Eduskill Learning Pvt. Ltd. (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Silver-East Infrastructure Pvt. Ltd. (Corporate Debtor). The claim was for Rs. 15,86,91,658/-, comprising principal and interest, arising from a Memorandum of Understanding (MOU) where the Corporate Debtor was to assist in acquiring land for the Financial Creditor. The Corporate Debtor failed to acquire the land within the stipulated time, leading to the Financial Creditor demanding repayment of the advance amount with interest. A settlement agreement was also entered into, but the Corporate Debtor failed to adhere to its terms.
In 2015, Eduskill Learning Pvt. Ltd. (Financial Creditor) sought to acquire land for an educational institute and engaged Silver-East Infrastructure Pvt. Ltd. (Corporate Debtor) for assistance. A Memorandum of Understanding (MOU) was signed on 2015-08-18, requiring the Corporate Debtor to acquire land within 36 months. The Financial Creditor paid an initial advance of Rs. 6,81,00,000/-. The Corporate Debtor failed to acquire the land within the stipulated time. The Financial Creditor granted extensions until 2020-02-18. A Settlement Agreement was executed on 2021-01-05, outlining payment terms of Rs. 6 Crore, with installments due on 2021-08-31 and 2021-11-30. The Corporate Debtor defaulted on the first installment. The Financial Creditor issued a notice on 2021-09-03,
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Memorandum of Understanding (MOU) signed…
Eduskill Learning Pvt. Ltd. disbursed Rs.…
Eduskill Learning Pvt. Ltd. (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Silver-East Infrastructure Pvt. Ltd. (Corporate Debtor). The claim was for Rs. 15,86,91,658/-, comprising principal and interest, arising from a Memorandum of Understanding (MOU) where the Corporate Debtor was to assist in acquiring land for the Financial Creditor. The Corporate Debtor failed to acquire the land within the stipulated time, leading to the Financial Creditor demanding repayment of the advance amount with interest. A settlement agreement was also entered into, but the Corporate Debtor failed to adhere to its terms.
In 2015, Eduskill Learning Pvt. Ltd. (Financial Creditor) sought to acquire land for an educational institute and engaged Silver-East Infrastructure Pvt. Ltd. (Corporate Debtor) for assistance. A Memorandum of Understanding (MOU) was signed on 2015-08-18, requiring the Corporate Debtor to acquire land within 36 months. The Financial Creditor paid an initial advance of Rs. 6,81,00,000/-. The Corporate Debtor failed to acquire the land within the stipulated time. The Financial Creditor granted extensions until 2020-02-18. A Settlement Agreement was executed on 2021-01-05, outlining payment terms of Rs. 6 Crore, with installments due on 2021-08-31 and 2021-11-30. The Corporate Debtor defaulted on the first installment. The Financial Creditor issued a notice on 2021-09-03,
…Memorandum of Understanding (MOU) signed…
Eduskill Learning Pvt. Ltd. disbursed Rs.…