Lasa Supergenerics Wins NCLT Dismissal of Insolvency Application

Team Finance Saathi

04/Dec/2024

What's covered under the Article:

NCLT dismisses insolvency application filed against Lasa Supergenerics.
Settlement made with Bank of Baroda for a total of USD 21.61 million.
The dismissal follows the payment of the settlement amount, clearing default obligations.

Lasa Supergenerics Limited announced today that the National Company Law Tribunal (NCLT), Mumbai Bench, has dismissed the insolvency application filed against the company by Bank of Baroda. The dismissal follows the settlement of the outstanding dues, where Lasa Supergenerics paid a total of US Dollar 21,61,700 (approximately Rs. 17.7 crores) to the financial creditor under an One-Time Settlement (OTS) agreement.

Details of the NCLT Ruling

On 13th November 2024, the NCLT Mumbai Bench pronounced the dismissal of the insolvency application, which was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Bank of Baroda. The petition had initially sought to initiate insolvency proceedings due to an outstanding amount of Rs. 26 crores, including interest. However, as per the OTS agreement reached on 1st October 2024, the entire dues were settled by Lasa Supergenerics for US Dollar 21,61,700, which is equivalent to approximately Rs. 17.7 crores.

The Impact of the Settlement

Following the payment, Bank of Baroda withdrew the petition, and the NCLT officially dismissed the case as withdrawn. The successful settlement and dismissal of the insolvency application is a significant milestone for Lasa Supergenerics, which can now focus on its operations without the burden of insolvency proceedings.

This development provides a much-needed relief for Lasa Supergenerics and its stakeholders, reinforcing the company's ability to manage its financial obligations and continue its business operations.

The Upcoming IPOs in this week and coming weeks are Emerald Tyre Manufacturers, Dhanlaxmi Corp, Jungle Camps, Purple United, Rosmerta Digital and Avanse Financial.

The Current active IPO is Nisus Finance.

Future Steps and Company Update

The company has confirmed that the NCLT ruling and the OTS settlement details will be available on their official website at www.lasalabs.com for further reference.

Additional Information:

For more updates on this matter, and the company's other business activities, investors and stakeholders can visit the Lasa Supergenerics website and stay informed about the latest developments.

Stay Updated on More Corporate News: Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi
Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News - Finance Saathi

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst & Finance Saathi Telegram Channel for Regular Share Market, News & IPO Updates

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Disclaimer

The information provided on this website is for educational and informational purposes only and should not be considered as financial advice, investment advice, or trading recommendations.

Trading in stocks, forex, commodities, cryptocurrencies, or any other financial instruments involves high risk and may not be suitable for all investors. Prices can fluctuate rapidly, and there is a possibility of losing part or all of your invested capital.

We do not guarantee any profits, returns, or outcomes from the use of our website, services, or tools. Past performance is not indicative of future results.

You are solely responsible for your investment and trading decisions. Before making any financial commitment, it is strongly recommended to consult with a qualified financial advisor or do your own research.

By accessing or using this website, you acknowledge that you have read, understood, and agree to this disclaimer. The website owners, partners, or affiliates shall not be held liable for any direct or indirect loss or damage arising from the use of information, tools, or services provided here.

Services