Union Bank of India, as Financial Creditor, filed an application (IA(IBC)/313/KOB/2026) under Rule 11 of the NCLT Rules, 2016, seeking to withdraw the main company petition (CP(IB)/33/KOB/2023) against M/s Air Travel Enterprises India Ltd. (Corporate Debtor). The withdrawal was sought because the corporate debtor's account was closed under a One Time Settlement (OTS) after the entire OTS amount of Rs. 6.95 Crores was paid.
Union Bank of India, the Financial Creditor, filed an application (IA(IBC)/313/KOB/2026) against M/s Air Travel Enterprises India Ltd., the Corporate Debtor.
The application was filed under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking withdrawal of the proceedings in CP(IB)/33/KOB/2023.
The reason for seeking withdrawal was that the account was closed under a One Time Settlement (OTS).
During the pendency of the proceedings, the financial creditor and guarantors paid the entire OTS amount of Rs. 6.95 Crores, leading to the account closure.
The application incorrectly listed Dr. Sahadulla M.I. as the respondent in the present application, who is not the respondent in the main Company Petition CP(IB)/33/KOB/2023.
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The application…
The final order dismissing the application for…
Union Bank of India, as Financial Creditor, filed an application (IA(IBC)/313/KOB/2026) under Rule 11 of the NCLT Rules, 2016, seeking to withdraw the main company petition (CP(IB)/33/KOB/2023) against M/s Air Travel Enterprises India Ltd. (Corporate Debtor). The withdrawal was sought because the corporate debtor's account was closed under a One Time Settlement (OTS) after the entire OTS amount of Rs. 6.95 Crores was paid.
Union Bank of India, the Financial Creditor, filed an application (IA(IBC)/313/KOB/2026) against M/s Air Travel Enterprises India Ltd., the Corporate Debtor.
The application was filed under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking withdrawal of the proceedings in CP(IB)/33/KOB/2023.
The reason for seeking withdrawal was that the account was closed under a One Time Settlement (OTS).
During the pendency of the proceedings, the financial creditor and guarantors paid the entire OTS amount of Rs. 6.95 Crores, leading to the account closure.
The application incorrectly listed Dr. Sahadulla M.I. as the respondent in the present application, who is not the respondent in the main Company Petition CP(IB)/33/KOB/2023.
…The application…
The final order dismissing the application for…