The case involves an application (I.A No. 249/2022) filed by ICICI Bank Limited, the Financial Creditor, seeking to restore/resume the Corporate Insolvency Resolution Process (CIRP) proceedings against M/s. Opto Circuits (India) Ltd, the Corporate Debtor. The CIRP was initially initiated under C.P (IB) No. 199/BB/2018. The CIRP proceedings were disposed of earlier due to a settlement between the parties. However, the Financial Creditor filed an appeal before NCLAT after the Corporate Debtor defaulted on the terms of the settlement. NCLAT modified the earlier order, allowing the Financial Creditor to seek revival/restoration of the CIRP proceedings in case of default.
ICICI Bank Limited initiated CIRP against M/s. Opto Circuits (India) Ltd under C.P (IB) No. 199/BB/2018. An order dated 18.03.2020 terminated the CIRP proceedings due to a settlement between the parties, as per an order dated 17.08.2020 in I.A No. 273 of 2020. The Corporate Debtor defaulted on the terms of the One Time Settlement (OTS) letter dated 10.07.2020. ICICI Bank filed an appeal before the NCLAT, Chennai Bench, in Company Appeal (AT) (CH) (Insolvency) no. 146 of 2021. The NCLAT modified the earlier order on 28.04.2022, allowing ICICI Bank to seek revival/restoration of the CIRP proceedings in case of default in the settlement agreement. ICICI Bank then filed I.A No. 249 of 2022 seeking restoration of the original C.P.
Sign in to view the parties.
CIRP initiated against…
CIRP proceedings…
The case involves an application (I.A No. 249/2022) filed by ICICI Bank Limited, the Financial Creditor, seeking to restore/resume the Corporate Insolvency Resolution Process (CIRP) proceedings against M/s. Opto Circuits (India) Ltd, the Corporate Debtor. The CIRP was initially initiated under C.P (IB) No. 199/BB/2018. The CIRP proceedings were disposed of earlier due to a settlement between the parties. However, the Financial Creditor filed an appeal before NCLAT after the Corporate Debtor defaulted on the terms of the settlement. NCLAT modified the earlier order, allowing the Financial Creditor to seek revival/restoration of the CIRP proceedings in case of default.
ICICI Bank Limited initiated CIRP against M/s. Opto Circuits (India) Ltd under C.P (IB) No. 199/BB/2018. An order dated 18.03.2020 terminated the CIRP proceedings due to a settlement between the parties, as per an order dated 17.08.2020 in I.A No. 273 of 2020. The Corporate Debtor defaulted on the terms of the One Time Settlement (OTS) letter dated 10.07.2020. ICICI Bank filed an appeal before the NCLAT, Chennai Bench, in Company Appeal (AT) (CH) (Insolvency) no. 146 of 2021. The NCLAT modified the earlier order on 28.04.2022, allowing ICICI Bank to seek revival/restoration of the CIRP proceedings in case of default in the settlement agreement. ICICI Bank then filed I.A No. 249 of 2022 seeking restoration of the original C.P.
CIRP initiated against…
CIRP proceedings…