Punjab National Bank (PNB) initiated a Corporate Insolvency Resolution Process (CIRP) against Kunj Forgings Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC). The case was registered as CP (IB) No. 20/ALD/2018 and RST. A 2/ALD/2022. During the hearing on April 27, 2022, the counsel for PNB reported that a one-time settlement had been approved by the bank. Consequently, the NCLT dismissed the CIRP application as withdrawn and closed the related RST case. The key fact is the approval of a one-time settlement, which led to the withdrawal of the insolvency proceedings.

Punjab National Bank (PNB) initiated a Corporate Insolvency Resolution Process (CIRP) against Kunj Forgings Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC). The case was registered as CP (IB) No. 20/ALD/2018 and RST. A 2/ALD/2022. During the hearing on April 27, 2022, the counsel for PNB reported that a one-time settlement had been approved by the bank. Consequently, the NCLT dismissed the CIRP application as withdrawn and closed the related RST case. The key fact is the approval of a one-time settlement, which led to the withdrawal of the insolvency proceedings.