On 30-01-2026, the debt recovery tribunal allowed an application by HSBC Ltd to withdraw its proceedings against M/S HANUNG TOYS AND TEXTILES after the respondent's resolution plan was approved by NCLT, resulting in a settlement receipt.
Application for withdrawal of TA proceedings allowed. TA dismissed as withdrawn.
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Debts Recovely Tribunal-Il, Delhi
TAl78Ol2024 HSBC LTD Vs M/S HANUNG TOYS AND TEXTILES
30.01 ,2026
Item no.20
Present Mr. Sameer Goe!, Counsel for applicant bank None for sole defendant
Matter is taken through Video Conferencing/Hybrid mode.
IA no.23712026 has been filed by the applicant bank for withdrawal of the present TA.
The Ld. Counsel for the applicant bank submits that in the present matter, the defendant is under CIRP under the IBC and the Hon'ble Adjudicating Authority, NCLT vide its order dated 28.02.2024 has approved a resolution plan qua the defendant No.1. It may be noted that pursuant to the Resolution Plan, applicant bank has received an amount of Rs. 89,3991-. It is the respectful submission of the applicant bank that since resolution plan is approved qua the sole contesting defendant, the applicant bank has been advised to withdraw the present recovery proceedings against the defendant. By way of the present application, the applicant bank seeks permission of this this Hon'ble Tribunal to withdraw the present TA proceedings against defendant.
In view of the above submission made by the Ld. Counsel for applicant bank, IA no.23712026 is allowed. TA178012024 is dismissed as withdrawn.
File be consigned to record room.
9\
(SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi
c
1 issue framed by the court
Whether the Debts Recovery Tribunal should permit the withdrawal of tax/analysis proceedings when the respondent is under corporate insolvency resolution process and a resolution plan has been approve
HSBC LTD
M/S HANUNG TOYS AND TEXTILES
SUSHIL KUMAR RASTOGI
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
