# In the matter of Nimbus Beverages Pvt. Ltd. C.P. (IB) No. 214-NCLT-AHM-2018

> NCLT judgment dated 2020-08-11. Citation: TCN-2020-NCLT-00865. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Aug 2020
- **Citation:** TCN-2020-NCLT-00865
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nimbus-beverages-pvt-ltd-cp-ib-no-214-nclt-ahm-2018-719b8545

## Summary

### Background

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).

## Facts

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 The court, after hearing both sides, dismissed the application as withdrawn.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.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code can be dismissed as …

**Ratio:** An application under Section 7 of the Insolvency and Bankruptcy Code can be dismissed as

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**Reasoning:** The court reasoned that since the petitioner received the OTS with delayed interest and

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**Interpretation:** The interpretation is that the court prioritizes settlement and resolution of

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**Application:** In this case, the petitioner, Bank of India, received the OTS with delayed

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Bank of…
- **Respondents:** Nimbus Beverages…

## Timeline

- **2020-08-11 — Hearing of Ahmedabad…**: Hearing of the National Company Law Tribunal on 11.08.2020 where the application was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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