Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: 16 July 2026
Case Overview
The petition was filed by City Union Bank Ltd. under Section 7 Rule 4 of the Insolvency and Bankruptcy Code, 2016 against KPN Travels India Ltd. The respondent's counsel, Shri. E. Om Prakash, admitted that the respondent has no defence and has already approached the petitioner for settlement. A meeting with the AGM (likely Assistant General Manager) is scheduled, and settlement is expected soon. The petitioner's counsel, Ms. K. Jayaganga, stated that she has no instructions as of the hearing date and needs to seek them. The Hon'ble Members presiding were Shri. Sanjiv Jain (Member Judicial) and Shri. Venkataraman Subramaniam (Member Technical).
Final Outcome
The petition has been adjourned and is listed for the next hearing on 31 July 2026, pending the outcome of settlement discussions between the parties.
Topics: Insolvency, Banking