The case involves a petition filed by Oriental Bank of Commerce against Shree Swastic Sales Corporation (P) Ltd under Section 7 of the IBC, 2016. The main company petition IB-1463/ND/2018 was admitted on 06.05.2019, and Mr. Rakesh Takyar was appointed as the Insolvency Resolution Professional (IRP). Subsequent to the admission, the parties arrived at a settlement in terms of a One Time Settlement (OTS) offer made by the Corporate Debtor on 12.08.2019. The IRP made a public announcement, fixing 29.08.2019 as the last date for submission of claims. However, only the Financial Creditor submitted a claim. Consequently, the Committee of Creditors (COC) was not constituted. The settlement made by the Corporate Debtor was accepted by the Financial Creditor.
Oriental Bank of Commerce initiated insolvency proceedings against Shree Swastic Sales Corporation (P) Ltd under Section 7 of the IBC, 2016. The petition, IB-1463/ND/2018, was admitted on May 6, 2019, and Rakesh Takyar was appointed as the IRP. Following the admission, the parties negotiated a One Time Settlement (OTS) offered by the Corporate Debtor on August 12, 2019. The IRP issued a public announcement with a claim submission deadline of August 29, 2019, but only the Financial Creditor (Oriental Bank of Commerce) submitted a claim. Due to the lack of other claimants, the COC was not formed. The Financial Creditor accepted the OTS. The IRP, Rakesh Takyar, was impleaded as a Respondent. The Financial Creditor's claim amounted to Rs. 61.50 crores. The publication
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IB-1463/N…
Main company p…
The case involves a petition filed by Oriental Bank of Commerce against Shree Swastic Sales Corporation (P) Ltd under Section 7 of the IBC, 2016. The main company petition IB-1463/ND/2018 was admitted on 06.05.2019, and Mr. Rakesh Takyar was appointed as the Insolvency Resolution Professional (IRP). Subsequent to the admission, the parties arrived at a settlement in terms of a One Time Settlement (OTS) offer made by the Corporate Debtor on 12.08.2019. The IRP made a public announcement, fixing 29.08.2019 as the last date for submission of claims. However, only the Financial Creditor submitted a claim. Consequently, the Committee of Creditors (COC) was not constituted. The settlement made by the Corporate Debtor was accepted by the Financial Creditor.
Oriental Bank of Commerce initiated insolvency proceedings against Shree Swastic Sales Corporation (P) Ltd under Section 7 of the IBC, 2016. The petition, IB-1463/ND/2018, was admitted on May 6, 2019, and Rakesh Takyar was appointed as the IRP. Following the admission, the parties negotiated a One Time Settlement (OTS) offered by the Corporate Debtor on August 12, 2019. The IRP issued a public announcement with a claim submission deadline of August 29, 2019, but only the Financial Creditor (Oriental Bank of Commerce) submitted a claim. Due to the lack of other claimants, the COC was not formed. The Financial Creditor accepted the OTS. The IRP, Rakesh Takyar, was impleaded as a Respondent. The Financial Creditor's claim amounted to Rs. 61.50 crores. The publication
…IB-1463/N…
Main company p…