Ahluwalia Contracts settles payment issues with operational creditor
May 11, 2021
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A2 Interiors Products has filed an application to withdraw the insolvency process initiated by the NCLT Delhi
Ahluwalia Contracts (India) Ltd has settled the payment issues with its operational creditor A2 Interiors Products and has sought the withdrawal of insolvency process initiated by the National Company Law Tribunal (NCLT).
The matter has been amicably resolved and settled with A2 Interiors Products, who has, in turn, filed for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) with the Interim Resolution Professional (IRP) and NCLT, Ahluwalia Contracts said in a statement.
“The steps to get the order set aside are in progress,” it added.
‘Pre pack resolution process has some serious pitfalls’
May 11, 2021
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Financial institutions may forfeit the ‘golden hours’ available for putting the entity back on track, says Bijoy Pulipra
The Pre Pack Insolvency Resolution Process (PPIRP) as an alternative insolvency resolution process for MSMEs may not yet be an effective solution in the prevailing environment for a country such as ours beset as it is with an inadequate legal infrastructure and poor legal literacy.
Introduction of complex laws such as PPIRP could have ideally waited until these faculties mature enough to be able to handle the processes involved, says Bijoy Pulipra, Company Secretary and Insolvency Professional.
Ahluwalia Contracts settles plea filed by operational creditor
May 11, 2021
On its part, A2 Interiors Products applies to withdraw the insolvency process initiated by the NCLT’s Delhi bench
Ahluwalia Contracts (India) Ltd has settled the payment issues with its operational creditor A2 Interiors Products and has sought to withdraw the insolvency process initiated by the National Company Law Tribunal (NCLT).
The matter has been amicably resolved and settled with A2 Interiors Products, who has, in turn, filed for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) with the Interim Resolution Professional (IRP) and NCLT, Ahluwalia Contracts said in a statement.
Ahluwalia Contracts settles dispute with A2 Interiors; moves to withdraw insolvency proceedings
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Last Updated: May 10, 2021, 01:43 PM IST
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Synopsis
On May 5, the Delhi-based bench of NCLT had allowed the insolvency plea filed by A2 Interiors Products, an operational creditor, against Ahluwalia Contracts claiming default of Rs 14.10 crore and had appointed an IRP.
Ahluwalia Contracts had engaged A2 Interiors Products for interior, furnishing and allied civil and electrical works at various project sites. It had supplied materials to Ahluwalia Contracts as part of various work orders issued for six projects at different locations in the country.
Construction firm Ahluwalia Contracts has entered into a settlement agreement and resolved the payment issues with its operational creditor, A2 Interiors Products Pvt Ltd, and is filing an application to withdraw the insolvency proceedings.
NCLT admits Cox & Kings Financial Services for insolvency resolution
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Synopsis
This is the second listed firm promoted by Ajay Kerkar to be admitted under the Corporate Insolvency Resolution Process (CIRP) since the flagship firm and travel company Cox & Kings Ltd is also going through an insolvency resolution process.
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YES Bank had approached the Mumbai bench of the National Company Law Tribunal (NCLT) after the company defaulted on its dues of over Rs 445 crore.
The dedicated bankruptcy court has admitted the insolvency petition against Cox & Kings Financial Services Limited (CKFSL) and appointed Pardeep Kumar Sethi as interim resolution professional (IRP) for the company.