The case involves an Interlocutory Application (IA) filed by Canara Bank, the Applicant, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, Indira Container Terminal Private Limited. The CIRP was initially triggered by an order dated 2024-05-09. The Promoter of the Corporate Debtor filed an appeal before the NCLAT to set aside the admission order. During the proceedings, an interim injunction was granted, halting the CIRP. Subsequently, lenders, including the Financial Creditor, approved a One-Time Settlement (OTS).
Canara Bank initiated Corporate Insolvency Resolution Process (CIRP) against Indira Container Terminal Private Limited, which was admitted on 2024-05-09. The Corporate Debtor's promoter appealed to NCLAT, which granted an interim injunction, halting the CIRP and deferring the formation of the Committee of Creditors (CoC). Subsequently, Canara Bank and other lenders approved a One-Time Settlement (OTS) with the Corporate Debtor. The Corporate Debtor, its Promoter (AJR Infra and Tolling Limited), and the Investor (United Ports Services Private Limited) executed the OTS agreement on 2024-12-18. Canara Bank, along with other lenders, received the full settlement amount and issued a No Objection/No Due Certificate. Canara Bank then filed an Interlocutory Application seeking
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Corporate Insolvency Resolution Process…
The Promoter of the Corporate Debtor filed an…
The case involves an Interlocutory Application (IA) filed by Canara Bank, the Applicant, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, Indira Container Terminal Private Limited. The CIRP was initially triggered by an order dated 2024-05-09. The Promoter of the Corporate Debtor filed an appeal before the NCLAT to set aside the admission order. During the proceedings, an interim injunction was granted, halting the CIRP. Subsequently, lenders, including the Financial Creditor, approved a One-Time Settlement (OTS).
Canara Bank initiated Corporate Insolvency Resolution Process (CIRP) against Indira Container Terminal Private Limited, which was admitted on 2024-05-09. The Corporate Debtor's promoter appealed to NCLAT, which granted an interim injunction, halting the CIRP and deferring the formation of the Committee of Creditors (CoC). Subsequently, Canara Bank and other lenders approved a One-Time Settlement (OTS) with the Corporate Debtor. The Corporate Debtor, its Promoter (AJR Infra and Tolling Limited), and the Investor (United Ports Services Private Limited) executed the OTS agreement on 2024-12-18. Canara Bank, along with other lenders, received the full settlement amount and issued a No Objection/No Due Certificate. Canara Bank then filed an Interlocutory Application seeking
…Corporate Insolvency Resolution Process…
The Promoter of the Corporate Debtor filed an…