The appeal was directed against the order dated December 13, 2019, passed by the National Company Law Tribunal, Kolkata Bench, which admitted an application filed by Allahabad Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor, M/s. Kaaiser Oils Pvt. Ltd., for the resolution of a debt of Rs. 71,66,22,658/-. Saurabh Basu was appointed as the Interim Resolution Professional (IRP).
Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Kaaiser Oils Pvt. Ltd. due to a debt of Rs. 71,66,22,658/-. The National Company Law Tribunal (NCLT), Kolkata Bench, admitted the application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. During the pendency of the appeal against the NCLT order, the Sole Member of the CoC gave his consent for settlement on the basis of One Time Settlement (OTS). The Indian Bank issued a No Dues Certificate (NOC) to the Corporate Debtor after receiving Rs. 17.99 Crores towards full and final settlement of the outstanding amount of Rs. 114.85 Crores. The RP filed an application for closure of CIRP. The CoC passed a resolution approving the settlement. The operational creditors were
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The National Company Law Tribunal, Kolkata…
The Sole Member of the CoC gave his consent…
The appeal was directed against the order dated December 13, 2019, passed by the National Company Law Tribunal, Kolkata Bench, which admitted an application filed by Allahabad Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor, M/s. Kaaiser Oils Pvt. Ltd., for the resolution of a debt of Rs. 71,66,22,658/-. Saurabh Basu was appointed as the Interim Resolution Professional (IRP).
Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Kaaiser Oils Pvt. Ltd. due to a debt of Rs. 71,66,22,658/-. The National Company Law Tribunal (NCLT), Kolkata Bench, admitted the application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. During the pendency of the appeal against the NCLT order, the Sole Member of the CoC gave his consent for settlement on the basis of One Time Settlement (OTS). The Indian Bank issued a No Dues Certificate (NOC) to the Corporate Debtor after receiving Rs. 17.99 Crores towards full and final settlement of the outstanding amount of Rs. 114.85 Crores. The RP filed an application for closure of CIRP. The CoC passed a resolution approving the settlement. The operational creditors were
…The National Company Law Tribunal, Kolkata…
The Sole Member of the CoC gave his consent…