# In the matter of Lasa Supergenerics Limited

> NCLT judgment dated 2024-11-13. Citation: TCN-2024-NCLT-00250. The case involves a petition filed by Bank of Baroda against Lasa Supergenerics Limited…

- **Court:** NCLT
- **Order date:** 13 Nov 2024
- **Citation:** TCN-2024-NCLT-00250
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lasa-supergenerics-limited-b15a01ba

## Summary

### Background

The case involves a petition filed by Bank of Baroda against Lasa Supergenerics Limited regarding a default amount. The Financial Creditor (Bank of Baroda) sanctioned a One-Time Settlement (OTS) on 2024-10-01, and the Corporate Debtor (Lasa Supergenerics Limited) has already paid the entire OTS amount of US Dollar 21,61,700 to the Financial Creditor.

## Facts

Bank of Baroda filed a petition against Lasa Supergenerics Limited due to a default amount of Rs. 19 crores, which later increased to Rs. 26 crores with interest. The Financial Creditor, Bank of Baroda, sanctioned a One-Time Settlement (OTS) on 2024-10-01, for US Dollar 21,61,700. Lasa Supergenerics Limited, the Corporate Debtor, paid the entire OTS amount. Consequently, Bank of Baroda sought to withdraw the petition. The NCLAT had passed an order on 2024-10-24, recording the OTS. The NCLT, Mumbai Bench, then dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the Financial Creditor can withdraw the Company Petition after the Corporate Debtor has …

**Ratio:** A Financial Creditor is entitled to withdraw a Company Petition when the underlying debt

…

**Reasoning:** The court reasoned that since the Corporate Debtor had already paid the entire amount as

…

**Interpretation:** The interpretation is that once a settlement is reached and the terms are

…

**Application:** In this case, the Corporate Debtor, Lasa Supergenerics Limited, paid the entire

…

## Parties

- **Judges:** LAKSHMI G…; SH. CHARANJEET…
- **Appellants:** Bank of B…
- **Respondents:** Lasa Supergenerics…

## Timeline

- **2024-10-01 — OTS Sanct…**: The Financial Creditor sanctioned a One-Time…
- **2024-10-24 — NCLAT Or…**: The Hon'ble NCLAT passed an order recording that the Financial Creditor had sanctioned…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lasa-supergenerics-limited-b15a01ba