The appeal was filed against an order by the adjudicating authority dated 07.07.2025, which allowed I.A. IBC 2080(MB)/2025 filed by the financial creditor, reviving the Corporate Insolvency Resolution Process (CIRP). The appellant, being the Corporate Debtor, challenged this order.
The company petition was filed by Unity Small Finance Bank Ltd. under Section 7 of IBC as C.P. (IB) No.160(MB)/2024.
An OTS (One Time Settlement) was accepted on 18.01.2024, and the company petition was permitted to be withdrawn on 21.01.2025.
The order dated 21.01.2025 included consent terms, stating that the bank would withdraw all legal proceedings upon receipt of the entire settlement amount but reserved the right to reinstate proceedings in case of default.
The financial creditor filed I.A. No. 2080(MB)/2025 alleging breach of the settlement and seeking revival of the CIRP.
The adjudicating authority found that the corporate debtor failed to comply with the settlement terms and allowed the revival of the company petition.
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The appeal was filed against an order by the adjudicating authority dated 07.07.2025, which allowed I.A. IBC 2080(MB)/2025 filed by the financial creditor, reviving the Corporate Insolvency Resolution Process (CIRP). The appellant, being the Corporate Debtor, challenged this order.
The company petition was filed by Unity Small Finance Bank Ltd. under Section 7 of IBC as C.P. (IB) No.160(MB)/2024.
An OTS (One Time Settlement) was accepted on 18.01.2024, and the company petition was permitted to be withdrawn on 21.01.2025.
The order dated 21.01.2025 included consent terms, stating that the bank would withdraw all legal proceedings upon receipt of the entire settlement amount but reserved the right to reinstate proceedings in case of default.
The financial creditor filed I.A. No. 2080(MB)/2025 alleging breach of the settlement and seeking revival of the CIRP.
The adjudicating authority found that the corporate debtor failed to comply with the settlement terms and allowed the revival of the company petition.
…OTS was…
The court permi…
Sign in to view related legal provisions.