Authority: National Company Law Tribunal, Division Bench–I, Chennai
Order Date: 30 June 2026
Case Overview
The petition was filed by an operational creditor named Babu under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the corporate debtor, Angel Starch & Food Pvt. Ltd. The parties informed the tribunal that they had reached a settlement agreement outside of the formal insolvency process.
Final Outcome
The tribunal recorded the settlement and disposed of the petition. The terms of the settlement involved a total settled amount of Rs 1,18,75,772. The corporate debtor provided two post-dated cheques for the balance amount of Rs 88,75,000, with an assurance that they would be honored upon presentation. The petitioner, Babu, withdrew the petition but was granted liberty by the tribunal to revive it in the event the settlement cheques are dishonored. The case file was consigned to records.
Topics: Insolvency, Debt Settlement, NCLT