Authority: National Company Law Tribunal (NCLT), Kochi Bench
Order Date: 16 July 2026
Case Overview
This order pertains to an Interlocutory Application (IA) filed by Union Bank of India, Chalai Bazar Branch, in an ongoing insolvency proceeding. The application was registered as IA(IBC)/310/KOB/2026 within the main Company Petition CP(IBC)/58/KOB/2022, which was filed by the bank against the respondent, Dr. Sahadulla M I. The bank filed this application under Rule 11 of the NCLT rules, seeking permission to withdraw the entire insolvency proceedings. The primary reason cited for the withdrawal was that the debt account in question had been closed subsequent to a One-Time Settlement (OTS) agreement between the parties.
Final Outcome
The bench, comprising Member (Judicial) Shri Vinay Goel and Member (Technical) Shri Ravichandran Ramasamy, did not grant the withdrawal immediately. The tribunal noted the presence of two other pending interlocutory applications in the main company petition. Consequently, it directed that this application be listed for hearing on 21 July 2026 alongside the other pending applications. The order was signed by both members of the bench.
Topics: Insolvency, Banking Dispute, NCLT Proceeding