The case pertains to a hearing before the Allahabad Bench of the National Company Law Tribunal on March 26, 2021. The matter involves Punjab National Bank as the applicant and M/s Sizzling Beverages Pvt Ltd as the corporate debtor. The applicant's counsel stated that they are proceeding under the SARFAESI Act and do not wish to press the present petition, requesting its dismissal as withdrawn. The respondent's counsel did not oppose this prayer.
Punjab National Bank filed a petition against M/s Sizzling Beverages Pvt Ltd under Section 7 of the IBC. During the hearing on March 26, 2021, the applicant (Punjab National Bank), through its counsel, stated that they are proceeding under the SARFAESI Act and wished to withdraw the present petition. The respondent's counsel did not oppose the withdrawal. The tribunal then dismissed the petition as withdrawn, with no order as to costs. The key fact is the applicant's decision to withdraw the petition, likely due to pursuing remedies under the SARFAESI Act instead of the IBC.
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Hearing of Allahabad Bench of the National…
Petition dismi…
The case pertains to a hearing before the Allahabad Bench of the National Company Law Tribunal on March 26, 2021. The matter involves Punjab National Bank as the applicant and M/s Sizzling Beverages Pvt Ltd as the corporate debtor. The applicant's counsel stated that they are proceeding under the SARFAESI Act and do not wish to press the present petition, requesting its dismissal as withdrawn. The respondent's counsel did not oppose this prayer.
Punjab National Bank filed a petition against M/s Sizzling Beverages Pvt Ltd under Section 7 of the IBC. During the hearing on March 26, 2021, the applicant (Punjab National Bank), through its counsel, stated that they are proceeding under the SARFAESI Act and wished to withdraw the present petition. The respondent's counsel did not oppose the withdrawal. The tribunal then dismissed the petition as withdrawn, with no order as to costs. The key fact is the applicant's decision to withdraw the petition, likely due to pursuing remedies under the SARFAESI Act instead of the IBC.
Hearing of Allahabad Bench of the National…
Petition dismi…