Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 09/06/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard Case CP(IB)/175(AHM)/2026, which was an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by operational creditor Mr. Pratap Kumar Musunuru against corporate debtor OFB Tech Limited. The petition sought initiation of Corporate Insolvency Resolution Process against OFB Tech Limited for alleged default in payment of operational debt. The matter was heard by a division bench consisting of Member (Judicial) Mr. Shammi Khan and Member (Technical) Mr. Sanjeev Sharma. During the preliminary hearing conducted in hybrid mode, the learned counsel for the applicant/operational creditor informed the tribunal that the parties had reached an amicable settlement outside of court.
Final Outcome
The NCLT dismissed the insolvency petition as withdrawn, recording that the matter had been settled between the parties. The case stands closed without any further proceedings under the Insolvency and Bankruptcy Code.
Topics: Insolvency Proceedings, Legal Settlement, Corporate Debt