One Time Settlement proposal by Corporate Debtor is clear acknowledgement of debt & default

State Bank of India Vs S R Timber Products Private Limited (NCLT Kolkata)

NCLT Kolkata held that One Time Settlement proposal given by Corporate Debtor to Financial Creditor is a clear acknowledgment of debt and default. Hence, application filed by Financial Creditor u/s. 7 of IBC for initiating CIRP against S R Timber Products Private Limited admitted.

Facts- This is a petition preferred by State bank of India, the Financial Creditor, against S R Timber Products Private Limited, the Corporate Debtor or CD u/s. 7 of the Insolvency and Bankruptcy Code, 2016 s

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