The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Narayan Mangal (Financial Creditor) against Vatsalya Builders and Developers Private Limited (Corporate Debtor) for an outstanding amount of Rs. 78,65,000. The Corporate Debtor had previously committed default in repayment of a principal loan together with interest, leading to the issuance of a Promissory Note. The parties then entered into a settlement agreement where Vatsalya agreed to pay Rs. 71,00,000 in installments. However, the Corporate Debtor breached the consent terms, and post-dated cheques were bounced, leading to the initiation of the CIRP.
Narayan Mangal, the Financial Creditor, provided unsecured loans to Vatsalya Builders and Developers Private Limited, the Corporate Debtor, since 2012. Vatsalya defaulted on the repayment of the principal loan and interest, leading to a Promissory Note. A settlement agreement was reached where Vatsalya agreed to pay Rs. 71,00,000 in installments. Vatsalya issued several cheques, including post-dated cheques, towards the settlement amount. However, these cheques were bounced. Narayan Mangal filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Vatsalya. The petition was registered as CP(IB) 3701(MB)/2019. The Corporate Debtor had paid an upfront amount of Rs. 6,00,000 as per
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Shri Mangal provided…
Vatsalya issued a…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Narayan Mangal (Financial Creditor) against Vatsalya Builders and Developers Private Limited (Corporate Debtor) for an outstanding amount of Rs. 78,65,000. The Corporate Debtor had previously committed default in repayment of a principal loan together with interest, leading to the issuance of a Promissory Note. The parties then entered into a settlement agreement where Vatsalya agreed to pay Rs. 71,00,000 in installments. However, the Corporate Debtor breached the consent terms, and post-dated cheques were bounced, leading to the initiation of the CIRP.
Narayan Mangal, the Financial Creditor, provided unsecured loans to Vatsalya Builders and Developers Private Limited, the Corporate Debtor, since 2012. Vatsalya defaulted on the repayment of the principal loan and interest, leading to a Promissory Note. A settlement agreement was reached where Vatsalya agreed to pay Rs. 71,00,000 in installments. Vatsalya issued several cheques, including post-dated cheques, towards the settlement amount. However, these cheques were bounced. Narayan Mangal filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Vatsalya. The petition was registered as CP(IB) 3701(MB)/2019. The Corporate Debtor had paid an upfront amount of Rs. 6,00,000 as per
…Shri Mangal provided…
Vatsalya issued a…