Corporation Bank vs Tara Health Foods Ltd

Compliance affidavit has been filed by the ld. counsel for the petitioner-Bank vide Diary No.00249/3 dated 12.03.2024. The same is taken on record. In compliance affidavit it is stated on behalf of the petitioner-Bank that the OTS proposal of the corporate debtor has been approved by the Bank on 29.11.2023 for settlement amount of Rs.5.67 crores out of which the corporate debtor has paid an amount of Rs.1.94 crores and an amount of Rs.3.73 crores is still pending. As per the timelines given in the table appended in the affidavit on Pages 3-4, the remaining amount i.e. Rs.3.73 crores is to be paid on or before 26.05.2024.

Keeping in view the facts and circumstances, it becomes evident that the OTS proposal is already approved by the petitioner-Bank and an amount of Rs.3.73 crores is still to be paid by the corporate debtor. Further, it is undertaken by Ld. Senior Counsel for the corporate debtor that the corporate debtor will abide by the timelines given in the OTS. Therefore, it is stated by ld. counsel for the petitioner that on instructions the petitioner may be permitted to withdraw the present petition with liberty to get the same restored if the corporate debtor fails to adhere to the timelines given in the settlement. Thus, the present petition stands dismissed as withdrawn with liberty aforesaid.