NCLT Rejects Insolvency Petition Against Lasa Supergenerics
The Mumbai NCLT dismissed the insolvency petition against Lasa Supergenerics Limited after the financial creditor withdrew it following a One-Time Settlement (OTS) payment of Rs. 17.70 crores.
NCLT rejects insolvency petition against Lasa Supergenerics
The Mumbai bench of the National Company Law Tribunal (NCLT) comprising Lakshmi Gurung (Judicial Member) and Charanjeet Singh Gulati (Technical Member), has dismissed the insolvency petition against Lasa Supergenerics Limited, as the financial creditor had withdrawn it.
On 01 October, the financial creditor sanctioned a One-Time Settlement (OTS) under which the corporate debtor paid the entire reduced amount of US $21,61,700 (Rs.17.70 crores).
The default amount of Rs.19 crores after interest was Rs.26 crores. It was settled for US $21,61,700. Lasa Supergenerics informed the Securities and Exchange Board of India (SEBI) about the Corporate Insolvency Resolution Process (CIRP).