Authority: National Company Law Tribunal (NCLT), Kochi Bench
Order Date: 17 July 2026
Case Overview
This order pertains to an Interlocutory Application (IA) numbered IA(IBC)/312/KOB/2026, filed in the main insolvency petition CP(IBC)/55/KOB/2022. The petitioner is Union Bank of India, and the respondent is EM Najeeeb Ellias Mohammed. The bank filed this application seeking permission to withdraw the insolvency proceedings it had initiated against the respondent. The primary reason cited for the withdrawal is that the underlying debt account has been closed under a One-Time Settlement (OTS) scheme, indicating a settlement has been reached between the parties outside the formal insolvency process.
Final Outcome
The bench, comprising Member (Judicial) Shri Vinay Goel and Member (Technical) Shri Ravichandran Ramasamy, noted that while counsel for both parties apprised the tribunal of a settlement, the Resolution Professional (RP) was not present for the hearing. Consequently, the tribunal did not rule on the application for withdrawal and adjourned the case to 20th July 2026, specifically awaiting the presence of the Resolution Professional.
Topics: Banking, Insolvency