The case pertains to CP(IB)164(MB)/2019 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor, Punjab National Bank, initiated proceedings against the Corporate Debtor, Gokul Sugar Industries Ltd. Talks of settlement were ongoing between the parties, and the Corporate Debtor had submitted an OTS (One Time Settlement) proposal to the Bank.
Punjab National Bank initiated insolvency proceedings against Gokul Sugar Industries Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. Settlement talks were underway between the parties. Gokul Sugar Industries Ltd had submitted an OTS proposal to Punjab National Bank. Punjab National Bank had received a part payment of Rs. 13.5 crores. The court directed Punjab National Bank to file consent terms within ten days if a settlement is reached. The case was listed for filing the settlement agreement/admission on May 1, 2019. These facts are relevant as they indicate an attempt to resolve the matter outside of formal insolvency proceedings.
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Hearing of Mumbai Bench…
Case listed fo…
The case pertains to CP(IB)164(MB)/2019 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor, Punjab National Bank, initiated proceedings against the Corporate Debtor, Gokul Sugar Industries Ltd. Talks of settlement were ongoing between the parties, and the Corporate Debtor had submitted an OTS (One Time Settlement) proposal to the Bank.
Punjab National Bank initiated insolvency proceedings against Gokul Sugar Industries Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. Settlement talks were underway between the parties. Gokul Sugar Industries Ltd had submitted an OTS proposal to Punjab National Bank. Punjab National Bank had received a part payment of Rs. 13.5 crores. The court directed Punjab National Bank to file consent terms within ten days if a settlement is reached. The case was listed for filing the settlement agreement/admission on May 1, 2019. These facts are relevant as they indicate an attempt to resolve the matter outside of formal insolvency proceedings.
Hearing of Mumbai Bench…
Case listed fo…