The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code. The applicant is Bank of India and the respondent is Nimbus Beverages Pvt. Ltd. The matter was heard by the Ahmedabad Bench of the National Company Law Tribunal (NCLT).
Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code against Nimbus Beverages Pvt. Ltd. During the proceedings, the advocate for Bank of India, Mr. Ketan M Parikh, submitted that they had received the OTS (One Time Settlement) with delayed interest from Nimbus Beverages Pvt. Ltd. In light of this, Bank of India filed a withdrawal pursis. The court, after hearing both sides, dismissed the application as withdrawn. The key fact is the receipt of the OTS with delayed interest, which prompted the withdrawal of the application.
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Hearing of the National Company Law Tribunal…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code. The applicant is Bank of India and the respondent is Nimbus Beverages Pvt. Ltd. The matter was heard by the Ahmedabad Bench of the National Company Law Tribunal (NCLT).
Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code against Nimbus Beverages Pvt. Ltd. During the proceedings, the advocate for Bank of India, Mr. Ketan M Parikh, submitted that they had received the OTS (One Time Settlement) with delayed interest from Nimbus Beverages Pvt. Ltd. In light of this, Bank of India filed a withdrawal pursis. The court, after hearing both sides, dismissed the application as withdrawn. The key fact is the receipt of the OTS with delayed interest, which prompted the withdrawal of the application.
Hearing of the National Company Law Tribunal…