The case involves Oriental Bank of Commerce as the applicant/petitioner and Jewel Overseas Pvt. Ltd. as the respondent. The matter was brought before the National Company Law Tribunal (NCLT), New Delhi, under Section 7 of the Insolvency & Bankruptcy Code, 2016.
Oriental Bank of Commerce filed a petition against Jewel Overseas Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. During the proceedings, the counsel for Oriental Bank of Commerce stated that the matter had been settled amicably between the parties. The court then dismissed the case as withdrawn, but with the liberty for the petitioner to file a fresh petition if the terms of the settlement are not complied with. This indicates that the parties reached an agreement outside of the formal insolvency process, leading to the withdrawal of the petition.
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Oriental Bank of Commerce filed a petition…
The NCLT dismissed the petition as withdrawn…
The case involves Oriental Bank of Commerce as the applicant/petitioner and Jewel Overseas Pvt. Ltd. as the respondent. The matter was brought before the National Company Law Tribunal (NCLT), New Delhi, under Section 7 of the Insolvency & Bankruptcy Code, 2016.
Oriental Bank of Commerce filed a petition against Jewel Overseas Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. During the proceedings, the counsel for Oriental Bank of Commerce stated that the matter had been settled amicably between the parties. The court then dismissed the case as withdrawn, but with the liberty for the petitioner to file a fresh petition if the terms of the settlement are not complied with. This indicates that the parties reached an agreement outside of the formal insolvency process, leading to the withdrawal of the petition.
Oriental Bank of Commerce filed a petition…
The NCLT dismissed the petition as withdrawn…