Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 14 July 2026
Case Overview
The hearing concerned petition IBA/368/2020 filed by Prudent ARC Limited against Arjun Ply and Veneers Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. The respondent's counsel submitted a settlement proposal of Rs 9.0 crores, with Rs 10 lakhs as an upfront payment. Upon approval of the one-time settlement (OTS), an additional Rs 90 lakhs would be paid immediately, and the remaining balance would be settled in 8 monthly installments. The petitioner's counsel stated that the proposal is under consideration, and no final decision was made during this hearing.
Final Outcome
The petition was adjourned and listed for the next hearing on 10 August 2026, awaiting the petitioner's response to the settlement proposal. No penalties, approvals, or other directions were issued in this order.
Topics: Insolvency Proceeding, Settlement Proposal