The National Company Law Tribunal, Mumbai Bench, has dismissed the company petition seeking insolvency because the financial creditor withdrew it.
The Financial Creditor sanctioned a One-Time Settlement on October 1, 2024, under which the corporate debtor paid the financial creditor the entire amount of OTS of US Dollar 21,61,700.
The default amount involved in this Petition was Rs. 19 crores, and after interest, the default amount came to Rs. 26 cores. This has been settled for US Dollars 21,61,700, which is equivalent to INR Rs. 17.70 crores.
The matter was heard before the bench of Lakshmi Gurung (Judicial Member), and Charanjeet Singh Gulati…
