The direction came after the Tribunal was told that financiers were willing to infuse funds into the company and revive it. Counsel appearing for the company submitted that settlement discussions were being held with the creditors.
However, several creditors expressed reservations about the proposal. Unity Small Finance Bank placed before the Tribunal a September 10 letter to show that an offer of ₹3 crore had been made against dues of over ₹19.04 crore. It argued that the proposal could not be regarded as a serious or plausible settlement offer.
Axis Bank, on the other hand, informed the Tribunal that it had received a settlement offer and was considering it.
Counsel for some of the other creditors alleged that the settlement attempts…