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 An earlier CIRP was initiated, but withdrawn after a consent agreement was reached where the Corporate Debtor agreed to pay ₹3,00,00,000 in installments. The Corporate Debtor defaulted on these payments, leading to the current application.
Gatik Conglomerate Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Taurian Engineering Private Limited, the Corporate Debtor, due to a default in repayment of ₹3,00,00,000 along with interest. Initially, a CIRP was initiated against the Corporate Debtor, but it was withdrawn after both parties entered into consent terms on 2022-08-01, where the Corporate Debtor agreed to pay ₹3,00,00,000 in three installments.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 defaulting on the installment due on 2022-08-07. The Financial Creditor then filed the present application on 2023-01-18. The Corporate Debtor did not raise any objections to
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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 An earlier CIRP was initiated, but withdrawn after a consent agreement was reached where the Corporate Debtor agreed to pay ₹3,00,00,000 in installments. The Corporate Debtor defaulted on these payments, leading to the current application.
Gatik Conglomerate Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Taurian Engineering Private Limited, the Corporate Debtor, due to a default in repayment of ₹3,00,00,000 along with interest. Initially, a CIRP was initiated against the Corporate Debtor, but it was withdrawn after both parties entered into consent terms on 2022-08-01, where the Corporate Debtor agreed to pay ₹3,00,00,000 in three installments.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 defaulting on the installment due on 2022-08-07. The Financial Creditor then filed the present application on 2023-01-18. The Corporate Debtor did not raise any objections to
…Board resolution passed…
Financial Creditor…