# In the matter of Aban Offshore Ltd.

> NCLT judgment dated 2022-09-12. Citation: TCN-2022-NCLT-01103. The case involves an application under the Insolvency and Bankruptcy Code (IBC). A memo was…

- **Court:** NCLT
- **Order date:** 12 Sept 2022
- **Citation:** TCN-2022-NCLT-01103
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aban-offshore-ltd-b36971f2

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). A memo was filed stating that the corporate debtor had settled the outstanding amount under OTS (One Time Settlement). Consequently, the financial creditor sought to withdraw the application.

## Facts

Central Bank of India filed an application (IBA/404/2020) against Aban Offshore Ltd under Section 7 of the IBC, 2016. During the proceedings, a memo was filed on 2022-09-06 stating that Aban Offshore Ltd had settled the outstanding amount under a One Time Settlement (OTS) with Central Bank of India. As a result, Central Bank of India requested the NCLT to dismiss the application as withdrawn. The NCLT took the memo on record and dismissed the application.

## Issues and analysis

### Issue 1: Whether the application IBA/404/2020 can be dismissed as withdrawn based on the settlement between …

**Ratio:** When a settlement is reached between the corporate debtor and the financial creditor, the

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**Reasoning:** The court accepted the memo stating that the corporate debtor had settled the outstanding

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**Interpretation:** The interpretation is that if a settlement is reached, the financial creditor

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**Application:** In this case, the corporate debtor, Aban Offshore Ltd, settled the outstanding

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## Parties

- **Judges:** BACHU VENKAT…; SAMEER…
- **Appellants:** Central Bank of…
- **Respondents:** Aban Offsho…

## Timeline

- **2022-09-06 — Memo Fil…**: A memo was filed stating that the corporate debtor had settled the outstanding amount…
- **2022-09-12 — Order Da…**: The NCLT dismissed the application as withdrawn, as the matter had been settled out of…

## 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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