In a recent case, the Cuttack bench of the National Company Law Tribunal(NCLT) admitted the application of IDBI Bank filed under section 7 of the Insolvency and Bankruptcy Code,2016 (IBC) as the Corporate Debtor acknowledged the one-time Settlement (OTS) on due debt within period of limitation.
IDBI Bank Limited, the applicant, filed the application through its authorized representative Purna Chandra Majhi (“ the Applicant/ Financial Creditor”) seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against Fortune Spirit Limited (“the Respondent/ Corporate Debtor”) by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code,2016 (“Code”) read with Rule 4 of Insolvency & Bankruptcy…