The case involves an application under the Insolvency and Bankruptcy Code (IBC). Kotak Mahindra Bank Ltd initiated proceedings against M/s. East Coast Construction & Industries Ltd. The applicant's counsel stated that a memo dated 17.02.2021 was filed. The respondent proposed a One Time Settlement to the applicant, which was accepted via letter dated 11.01.2021.
Kotak Mahindra Bank Ltd initiated insolvency proceedings against M/s. East Coast Construction & Industries Ltd under Section 7 Rule 4 of IBC, 2016. During the proceedings, M/s. East Coast Construction & Industries Ltd proposed a One Time Settlement to Kotak Mahindra Bank Ltd. Kotak Mahindra Bank Ltd accepted the settlement proposal via letter dated 11.01.2021. The applicant's counsel filed a memo dated 17.02.2021. Consequently, the NCLT dismissed the insolvency application with liberty, as the matter was settled out of court. The key fact is the out-of-court settlement, which led to the dismissal of the case.
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Kotak Mahindra Bank Ltd accepted the One Time…
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The case involves an application under the Insolvency and Bankruptcy Code (IBC). Kotak Mahindra Bank Ltd initiated proceedings against M/s. East Coast Construction & Industries Ltd. The applicant's counsel stated that a memo dated 17.02.2021 was filed. The respondent proposed a One Time Settlement to the applicant, which was accepted via letter dated 11.01.2021.
Kotak Mahindra Bank Ltd initiated insolvency proceedings against M/s. East Coast Construction & Industries Ltd under Section 7 Rule 4 of IBC, 2016. During the proceedings, M/s. East Coast Construction & Industries Ltd proposed a One Time Settlement to Kotak Mahindra Bank Ltd. Kotak Mahindra Bank Ltd accepted the settlement proposal via letter dated 11.01.2021. The applicant's counsel filed a memo dated 17.02.2021. Consequently, the NCLT dismissed the insolvency application with liberty, as the matter was settled out of court. The key fact is the out-of-court settlement, which led to the dismissal of the case.
Kotak Mahindra Bank Ltd accepted the One Time…
Counsel for the…
Sign in to view related legal provisions.