Punjab National Bank (PNB) initiated proceedings against Deepak Fasteners Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. PNB, the financial creditor, accepted a One Time Settlement (OTS) from Deepak Fasteners Ltd, the corporate debtor. As a result of the OTS, PNB issued a No Objection Certificate (NOC) confirming that the entire amount due had been paid. The NOC was dated 31.05.2022. The respondent's counsel presented the NOC to the Tribunal. Consequently, PNB sought permission from the Tribunal to withdraw the insolvency petition. The key fact is the acceptance of the OTS and the issuance of the NOC, indicating full payment, which formed the basis for the withdrawal request.

Punjab National Bank (PNB) initiated proceedings against Deepak Fasteners Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. PNB, the financial creditor, accepted a One Time Settlement (OTS) from Deepak Fasteners Ltd, the corporate debtor. As a result of the OTS, PNB issued a No Objection Certificate (NOC) confirming that the entire amount due had been paid. The NOC was dated 31.05.2022. The respondent's counsel presented the NOC to the Tribunal. Consequently, PNB sought permission from the Tribunal to withdraw the insolvency petition. The key fact is the acceptance of the OTS and the issuance of the NOC, indicating full payment, which formed the basis for the withdrawal request.