One Time Settlement request cannot be entertained by sole financial creditor post initiation of CIRP: Telangana HC

Mandava Holding Pvt. Ltd. Vs PTC India Financial Services Limited (Telangana High Court) Telangana High Court held that sole financial creditor cannot entertain request of One Time Settlement once corporate debtor enters in Corporate Insolvency Resolution Process (CIRP). Accordingly, petition dismissed. Facts- The petitioner prays for a writ of Mandamus on the respondent No.1 with regard to a letter dated 30.10.2023 rejecting the petitioner’s One Time Settlement (OTS) Proposal dated 17.10.2023. The petitioner is the promoter of the Insolvent Entity/NSL Nagapatnam Power and Infratech Limited ...