Falcon Minds Consulting Pvt Ltd initiated a corporate insolvency resolution process against Wisdom IT Services Pvt Ltd. A contempt petition (1/2022) was filed along with several IA(IBC) applications (302, 303, 406, 416 & 514/2022) in CP(IB) No. 15/9/HDB/2020. During the hearing on 04.07.2022, the RP's counsel stated that no settlement had occurred, referencing a letter dated 28.07.2022. Conversely, the Corporate Debtor's counsel claimed that the agreed amount was transferred via RTGS on 04.06.2022, with proof to be filed. The consent of another CoC/ESIC member is pending due to required approvals. The payment's lack of prior notification to the Tribunal is a key issue.

Falcon Minds Consulting Pvt Ltd initiated a corporate insolvency resolution process against Wisdom IT Services Pvt Ltd. A contempt petition (1/2022) was filed along with several IA(IBC) applications (302, 303, 406, 416 & 514/2022) in CP(IB) No. 15/9/HDB/2020. During the hearing on 04.07.2022, the RP's counsel stated that no settlement had occurred, referencing a letter dated 28.07.2022. Conversely, the Corporate Debtor's counsel claimed that the agreed amount was transferred via RTGS on 04.06.2022, with proof to be filed. The consent of another CoC/ESIC member is pending due to required approvals. The payment's lack of prior notification to the Tribunal is a key issue.