Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 16 June 2026
Case Overview
The petition CP(IB)/166(CHE)/2025 was filed by Samunnati Finance Pvt Ltd (Petitioner) against Waycool Foods And Products Pvt Ltd (Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The hearing was held via video conference before a bench comprising Hon'ble Shri. Sanjiv Jain, Member (Judicial) and Hon'ble Shri Venkataraman Subramaniam, Member (Technical).
During the hearing, the Learned Counsel for the Petitioner, Mr. Avinash Krishnan Ravi, informed the tribunal that the parties had reached a settlement. A settlement agreement was signed on 26 May 2026, and as part of this agreement, the Respondent (Waycool Foods And Products Pvt Ltd) transferred shares to the Petitioner (Samunnati Finance Pvt Ltd). The Petitioner subsequently filed a withdrawal memo along with the settlement agreement, seeking to withdraw the insolvency petition.
Final Outcome
The NCLT Chennai accepted the withdrawal memo and recorded the submissions of both parties. The petition CP(IB)/166(CHE)/2025 was disposed of as settled, and the case file was consigned to records. The settlement effectively resolved the insolvency proceedings between the two companies.
Topics: Corporate Insolvency, Out-of-Court Settlement, Share Transfer