Authority: National Company Law Tribunal, Jaipur Bench
Order Date: June 15, 2026
Case Overview
This order pertains to Interlocutory Application (IA) No. 265/JPR/2026 filed in the main Company Petition (CP) No. (IB)- 6/7/JPR/2026, which was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Financial Creditor is India SME Asset Reconstruction Company Ltd. (ISARC), and the Corporate Debtor is Girivar Hotel and Resort Pvt. Ltd. The Corporate Debtor filed the IA with prayers to: (a) defer the pronouncement of orders in the main petition to allow time for exploring a settlement or One-Time Settlement (OTS) possibilities, (b) grant further time, and (c) pass any other orders deemed fit.
The Learned Counsel for the Financial Creditor, ISARC, vehemently objected to this prayer. The FC's objection was based on the argument that a settlement between other parties (the Corporate Debtor) had nothing to do with the FC's claim and that the financial interests of the FC were at stake in the petition.
Final Outcome
During the proceedings, the applicant (Corporate Debtor) sought permission to withdraw the present IA with the liberty to file a better one in the future. The NCLT Bench, comprising Judicial Member Ms. Reeta Kohli and Technical Member Ms. Kavita Bhatnagar, allowed the withdrawal as prayed for. The IA was disposed of accordingly. The Tribunal explicitly refrained from making any observations on the submissions made by the Financial Creditor at this stage. The underlying insolvency petition (CP) remains pending.
Topics: Corporate Insolvency, NCLT Proceeding, Settlement Negotiation