Authority: National Company Law Tribunal, Bengaluru Bench (Special Bench)
Order Date: 29 June 2026
Case Overview
The National Company Law Tribunal (NCLT), Bengaluru Bench, heard a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner is South Canara District Central Cooperative, a cooperative bank, and the respondent is Shree Anand Life Sciences Ltd. The matter was heard by a Special Bench comprising Hon'ble Member (Judicial) Shri. Sunil Kumar Aggarwal and Hon'ble Member (Technical) Shri. Banwari Lal Meena.
Counsel for the respondent informed the tribunal that a settlement was being negotiated between the parties but could not be finalized because one of the cooperative banks involved was expected to reconstitute, preventing all concerned parties from signing the meeting minutes. The petitioner's counsel confirmed that the petitioner was ready to abide by the proposed settlement terms. The tribunal noted that the regular bench had already waited sufficient time for a settlement to materialize.
Final Outcome
The NCLT deferred the matter to 29 July 2026 for orders. The tribunal directed that if any settlement is executed in the interim period, it must be filed with the tribunal in advance of the next hearing date. The case remains pending while the parties continue settlement negotiations.
Topics: Insolvency Proceedings, Banking Dispute