The case involves an application (I.A. No. 273 of 2020) filed in connection with a corporate insolvency resolution process (CIRP) initiated against M/s. Opto Circuits (India) Limited. The CIRP was triggered by ICICI Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate debtor faced challenges, including a stay on the CIRP by the High Court of Karnataka. During the stay, the corporate debtor proposed a One Time Settlement (OTS) to ICICI Bank, which was accepted. The applicant, Mr. Vinod Ramnani, a shareholder of the corporate debtor, sought to dispose of the matter in light of the settlement.
ICICI Bank initiated CIRP against M/s. Opto Circuits (India) Limited under Section 7 of the IBC. The NCLT admitted the case on 2020-03-18, appointing an Interim Resolution Professional (IRP) and imposing a moratorium. The IRP issued a public announcement on 2020-03-20. The Corporate Debtor filed a Writ Petition before the High Court of Karnataka seeking a stay on the CIRP order. The High Court granted a stay and directed the Petitioner to prefer an appeal before NCLAT. The Corporate Debtor approached the High Court again for further extension of the stay. During the stay, the Corporate Debtor proposed a One Time Settlement (OTS) to ICICI Bank, which was accepted on 2020-07-10. ICICI Bank received Rs. 45 million as part payment towards the OTS. Mr. Vinod Ramnani, a
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CIRP initiated by ICICI…
NCLT admitted…
The case involves an application (I.A. No. 273 of 2020) filed in connection with a corporate insolvency resolution process (CIRP) initiated against M/s. Opto Circuits (India) Limited. The CIRP was triggered by ICICI Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate debtor faced challenges, including a stay on the CIRP by the High Court of Karnataka. During the stay, the corporate debtor proposed a One Time Settlement (OTS) to ICICI Bank, which was accepted. The applicant, Mr. Vinod Ramnani, a shareholder of the corporate debtor, sought to dispose of the matter in light of the settlement.
ICICI Bank initiated CIRP against M/s. Opto Circuits (India) Limited under Section 7 of the IBC. The NCLT admitted the case on 2020-03-18, appointing an Interim Resolution Professional (IRP) and imposing a moratorium. The IRP issued a public announcement on 2020-03-20. The Corporate Debtor filed a Writ Petition before the High Court of Karnataka seeking a stay on the CIRP order. The High Court granted a stay and directed the Petitioner to prefer an appeal before NCLAT. The Corporate Debtor approached the High Court again for further extension of the stay. During the stay, the Corporate Debtor proposed a One Time Settlement (OTS) to ICICI Bank, which was accepted on 2020-07-10. ICICI Bank received Rs. 45 million as part payment towards the OTS. Mr. Vinod Ramnani, a
…CIRP initiated by ICICI…
NCLT admitted…