NCLT permits Syndicate Bank to withdraw insolvency petition against B.L.Kashyap & Sons

B.L.Kashyap & Sons announced that the NCLT, New Delhi has permitted Syndicate Bank to withdraw the insolvency petition it had filed against the company. The company has proposed for one-time settlement (OTS) of Rs 78 crore to be paid before 28 February, 2020 out of which Rs. 35 crores has already been paid till date.

Further, the NCLT, New Delhi vide their order dated 06 September 2019 (Uploaded on 7 October 2019) directed that the petition of Syndicate Bank as Financial creditor stands dismissed as withdrawn as per joint application with Corporate Debtor (the company).

As the petition was not admitted by the Hon'ble Tribunal, permission granted to the petitioner Syndicate Bank to withdraw the petition under Rule 8 of I&B (AAA) Rules, 2018.

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