The National Company Law Tribunal, Chandigarh Bench dismissed the petition under Section 7 of the IBC as withdrawn, accepting the bank's submission that the entire dues were paid under a NOC dated 31.05.2022, rendering the case infructuous.
Petition dismissed as withdrawn; IA rendered infructuous.
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THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH ( through web-based video conferencing platform )
Item 15
IA No. 318/22 And
CP(IB) No. 264/Chd/Pb/2021
Under Section 7, IBC 2016 R 11 NCLT
In the matter of:-
Punjab National Bank ….Petitioner/Financial Creditor Vs. Deepak Fasteners Ltd ….Respondent/Corporate Debtor
Present through Video Conferencing:
Mr. Pulkit Goyal with Mr. Harsh Garg, Advocates for petitioner. Mr. Anand Chibbar, Senior Advocate with Mr. Vaibhav Sahni and Mr. Shikhar Sarin, Advocates for respondents.
It is stated by learned counsel for the petitioner that the petitioner bank has accepted the One Time Settlement (OTS) and NOC has been issued by the bank regarding the payment. The entire amount is stated to be paid vide NOC dated 31.05.2022. Learned counsel for the respondent has screen shared the No Objection Certificate. In view of the NOC, the entire payment has been paid and on instructions he seeks permission of this Tribunal to withdraw the present petition, keeping in view the facts and circumstances and in the interest of justice, the present petition is ordered to be dismissed as withdrawn. Consequently, IA No. 318/2022 is
rendered infructuous and disposed of accordingly.
Sd/Sd/- (Subrata Kumar Dash) (Harnam Singh Thakur) Member (Technical) Member (Judicial) June 3, 2022 HM
IA No. 318/22 And CP(IB) No. 264/Chd/Pb/2021
1 issue framed by the court
Whether the petition under Section 7 of the IBC should be treated as withdrawn and disposed of in light of the NOC issued by the bank.
Punjab National Bank
Deepak Fasteners Ltd
Subrata Kumar Dash
Harnam Singh Thakur
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
