The case pertains to an application under the Insolvency and Bankruptcy Code (IBC). The matter was previously heard on 2019-11-25, concerning a One Time Settlement (OTS) proposal. The OTS proposal was pending before the bank for consideration. The Tribunal directed the Petitioner's counsel to obtain instructions from the banker regarding the OTS proposal submitted by the Corporate Debtor. The Tribunal considered whether the banker intended to proceed with or withdraw the proposal. The Petitioner sought to withdraw the petition with the liberty to refile if the OTS proposal failed due to the banker's disapproval or default.
ICICI Bank Ltd. filed a petition (IBA/755/2019) against Bhandari Foils and Tubes Ltd. under Section 7 Rule 4. An OTS proposal was pending before the bank for consideration. The Tribunal directed the Petitioner's counsel to obtain instructions from the banker regarding the OTS proposal submitted by the Corporate Debtor. The Petitioner sought to withdraw the petition with the liberty to refile if the OTS proposal failed. A sum of Rs. 50 lakh was deposited by way of a demand draft for the consideration of the OTS proposal by the Petitioner Bank. The petition was dismissed as withdrawn, with the Petitioner granted the liberty to approach the Tribunal again.
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Tribunal passed an…
Hearing held where the Petitioner sought to…
The case pertains to an application under the Insolvency and Bankruptcy Code (IBC). The matter was previously heard on 2019-11-25, concerning a One Time Settlement (OTS) proposal. The OTS proposal was pending before the bank for consideration. The Tribunal directed the Petitioner's counsel to obtain instructions from the banker regarding the OTS proposal submitted by the Corporate Debtor. The Tribunal considered whether the banker intended to proceed with or withdraw the proposal. The Petitioner sought to withdraw the petition with the liberty to refile if the OTS proposal failed due to the banker's disapproval or default.
ICICI Bank Ltd. filed a petition (IBA/755/2019) against Bhandari Foils and Tubes Ltd. under Section 7 Rule 4. An OTS proposal was pending before the bank for consideration. The Tribunal directed the Petitioner's counsel to obtain instructions from the banker regarding the OTS proposal submitted by the Corporate Debtor. The Petitioner sought to withdraw the petition with the liberty to refile if the OTS proposal failed. A sum of Rs. 50 lakh was deposited by way of a demand draft for the consideration of the OTS proposal by the Petitioner Bank. The petition was dismissed as withdrawn, with the Petitioner granted the liberty to approach the Tribunal again.
Tribunal passed an…
Hearing held where the Petitioner sought to…