https://www.taxtmi.com/caselaws?id=440614 The National Company Law Tribunal (NCLT), Kolkata bench admitted the Section 7 Application by UCO Bank against the Corporate Debtor, appointing an Interim Resolution Professional. The Corporate Debtor admitted owing Rs.50 Crores to UCO Bank, with no One Time Settlement (OTS) finalized. The Corporate Debtor later agreed to pay Rs.50.79 Crores as part of an OTS proposal. The Tribunal acknowledged the operational challenges faced by the Corporate Debtor and provided interim directions. Indian Bank's claims would be addressed depending on the outcome of the Corporate Insolvency Resolution Process (CIRP). Various intervention applications were disposed of, and final directions included a stay on implementation pending UCO Bank's consideration of the OTS proposal. en-us Fri, 21 Jul 2023 00:00:00 +0530 Sat, 22 Jul 2023 21:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440614 The National Company Law Tribunal (NCLT), Kolkata bench admitted the Section 7 Application by UCO Bank against the Corporate Debtor, appointing an Interim Resolution Professional. The Corporate Debtor admitted owing Rs.50 Crores to UCO Bank, with no One Time Settlement (OTS) finalized. The Corporate Debtor later agreed to pay Rs.50.79 Crores as part of an OTS proposal. The Tribunal acknowledged the operational challenges faced by the Corporate Debtor and provided interim directions. Indian Bank's claims would be addressed depending on the outcome of the Corporate Insolvency Resolution Process (CIRP). Various intervention applications were disposed of, and final directions included a stay on implementation pending UCO Bank's consideration of the OTS proposal. Case-Laws Insolvency and Bankruptcy Fri, 21 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440614