Authority: National Company Law Tribunal, New Delhi Principal Bench
Order Date: 11.06.2026
Case Overview
The petition was filed by Citizen Co-Operative Bank Limited under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/s Abhi Compusoft Private Limited. The bank claimed an outstanding debt of Rs. 2,90,25,762 (Two Crore Ninety Lakh Twenty Five Thousand Seven Hundred Sixty Two) as of 31.03.2026. During the hearing, the respondent's counsel, Ms. Jasleen Singh, stated that her client had received instructions to settle the matter for a total amount of Rs. 2,85,97,531 (Two Crore Eighty Five Lakh Ninety Seven Thousand Five Hundred Thirty One). The petitioner agreed to this settlement. As part of the settlement, the respondent furnished a demand draft for Rs. 2,30,33,580 (Two Crore Thirty Lakh Thirty Three Thousand Five Hundred Eighty) to the petitioner's counsel in court, and a copy was taken on record. The remaining balance of Rs. 55,63,951 (Fifty Five Lakh Sixty Three Thousand Nine Hundred Fifty One) is to be paid within 10 days via demand draft or RTGS transfer. The tribunal noted that the petitioner's claim was thereby satisfied and that no further demands pertaining to this amount would be raised.
Final Outcome
The bench, comprising Justice Anupinder Singh Grewal (President) and Shri Ravindra Chaturvedi (Member - Technical), disposed of the petition in terms of the settlement reached between the parties. The petition stands disposed of accordingly.
Topics: Insolvency, Debt Settlement, Banking