AASCAR FILM PVT. LTD. Vs. INDIAN OVERSEAS BANK

JUDGEMENT

(1.) This Writ Petition is filed by the Petitioner M/s. Aascar Film Private Limited while the proceedings in C.P.1183/IB/2018 initiated by the Respondent-Indian Overseas Bank under Section 7 of the Insolvency and Bankruptcy Code 2016 is pending before the National Company Law Tribunal (NCLT), Chennai.

(2.) The said Application was filed by the Respondent Bank in the year 2018, but, the Application has not so far been admitted by the learned Tribunal.

(3.) The learned counsel Mr. Benjamin George appearing for the Respondent Bank vehemently opposed and submitted that despite the undertakings given by the petitioner Company before this Court, Tribunal and even before the Hon'ble Supreme Court on earlier occasions and despite the indulgence shown to the Petitioner Firm by way One Time Settlement sanctioned by the Bank, the Petitioner Firm has failed to abide by its own Undertakings and pay the due amounts to the Bank and therefore, no further indulgence deserves to be shown to the Petitioner Company.