The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Gatik Conglomerate Private Limited (Financial Creditor) against Taurian Engineering Private Limited (Corporate Debtor) for default in repaying an amount of ₹3,00,00,000 together with interest. An earlier CIRP was initiated, but withdrawn after a consent agreement. The Corporate Debtor breached the consent terms by failing to make the agreed-upon payments.
Gatik Conglomerate Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Taurian Engineering Private Limited (Corporate Debtor) due to a default in repayment of ₹3,00,00,000 along with interest. An earlier CIRP had been initiated but was withdrawn after both parties agreed to consent terms dated 01.08.2022, where the Corporate Debtor agreed to pay ₹3,00,00,000 in three installments. The Corporate Debtor failed to adhere to the payment schedule outlined in the consent terms, specifically Table-I, leading to a breach of the agreement. The first installment of ₹1,00,00,000 was due on or before 07.08.2022, which is considered the date of default. The Financial Creditor submitted a computation chart of
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Board resolution passed…
Financial Creditor…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Gatik Conglomerate Private Limited (Financial Creditor) against Taurian Engineering Private Limited (Corporate Debtor) for default in repaying an amount of ₹3,00,00,000 together with interest. An earlier CIRP was initiated, but withdrawn after a consent agreement. The Corporate Debtor breached the consent terms by failing to make the agreed-upon payments.
Gatik Conglomerate Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Taurian Engineering Private Limited (Corporate Debtor) due to a default in repayment of ₹3,00,00,000 along with interest. An earlier CIRP had been initiated but was withdrawn after both parties agreed to consent terms dated 01.08.2022, where the Corporate Debtor agreed to pay ₹3,00,00,000 in three installments. The Corporate Debtor failed to adhere to the payment schedule outlined in the consent terms, specifically Table-I, leading to a breach of the agreement. The first installment of ₹1,00,00,000 was due on or before 07.08.2022, which is considered the date of default. The Financial Creditor submitted a computation chart of
…Board resolution passed…
Financial Creditor…