Authority: National Company Law Tribunal (NCLT), Division Bench, Court - 1, Ahmedabad
Order Date: 08/06/2026
Case Overview
This matter pertains to an Interlocutory Application (IA No. 856(AHM)/2026) filed within a main insolvency petition (C.P.(IB)/145(AHM)/2026) initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed in the matter of Union Bank of India (Financial Creditor/Applicant) versus Chetan Overseas Private Limited (Corporate Debtor/Respondent).
During the hearing, the counsel for the corporate debtor, Mr. Arjun Sheth, submitted that the entire payment due to the financial creditor had been made. This submission was confirmed by the counsel for the financial creditor, Mr. A S Panesar, who stated that he had received instructions to file a formal affidavit for the withdrawal of the main insolvency petition. The main petition is scheduled for hearing on 10.06.2026.
Final Outcome
The bench, comprising Member (Technical) Mr. Sanjeev Sharma and Member (Judicial) Mr. Shammi Khan, disposed of the interlocutory application (IA/856(AHM)/2026), declaring it infructuous in light of the full repayment. The matter is effectively resolved, pending the formal withdrawal of the main petition by the financial creditor.
Topics: Insolvency, Banking