Pawan Putra Securities Private Limited, the Financial Creditor, filed an application (I.A. (IB) No. 271/KB/2021) in C.P. (IB) No. 1039/KB/2019 seeking the revival/restoration of the application CP (IB) No. 1039/KB/2019, which was initially filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Wearit Global Limited, the Corporate Debtor. The original petition was dismissed on 31st January 2020, due to a settlement agreement between the parties. The Financial Creditor claims that the Corporate Debtor failed to comply with the settlement terms, leading to the current application for revival.
Pawan Putra Securities Private Limited (Financial Creditor) filed CP (IB) No. 1039/KB/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Wearit Global Limited (Corporate Debtor) for initiating CIRP. A settlement agreement was reached on 2020-01-31, where the Corporate Debtor agreed to pay ₹1,25,00,000 to the Financial Creditor. Consequently, the Company Petition was dismissed on 2020-01-31. The Corporate Debtor failed to repay the principal amount of Rs.95,00,000 outstanding as of 2019-12-31, along with interest. The Financial Creditor sent a demand letter on 2020-12-31, but no payment was received. The Corporate Debtor had paid ₹30 lakh out of ₹1.25 Crore, leaving ₹95 lakh unpaid. The Financial Creditor then filed I.A. (IB) No. 271/KB/2021
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CP (IB) No. 1039/KB/2019 was filed by Pawan…
The Financial Creditor…
Pawan Putra Securities Private Limited, the Financial Creditor, filed an application (I.A. (IB) No. 271/KB/2021) in C.P. (IB) No. 1039/KB/2019 seeking the revival/restoration of the application CP (IB) No. 1039/KB/2019, which was initially filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Wearit Global Limited, the Corporate Debtor. The original petition was dismissed on 31st January 2020, due to a settlement agreement between the parties. The Financial Creditor claims that the Corporate Debtor failed to comply with the settlement terms, leading to the current application for revival.
Pawan Putra Securities Private Limited (Financial Creditor) filed CP (IB) No. 1039/KB/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Wearit Global Limited (Corporate Debtor) for initiating CIRP. A settlement agreement was reached on 2020-01-31, where the Corporate Debtor agreed to pay ₹1,25,00,000 to the Financial Creditor. Consequently, the Company Petition was dismissed on 2020-01-31. The Corporate Debtor failed to repay the principal amount of Rs.95,00,000 outstanding as of 2019-12-31, along with interest. The Financial Creditor sent a demand letter on 2020-12-31, but no payment was received. The Corporate Debtor had paid ₹30 lakh out of ₹1.25 Crore, leaving ₹95 lakh unpaid. The Financial Creditor then filed I.A. (IB) No. 271/KB/2021
…CP (IB) No. 1039/KB/2019 was filed by Pawan…
The Financial Creditor…