Creative Plastics Ltd. initiated CIRP against a Corporate Debtor by filing a Section 7 application, which was admitted by the NCLT. Priyal Kantilal Patel filed an appeal against this order. During the appeal, the parties informed the court that they had reached a settlement. Yes Bank, another financial creditor with 90% voting shares, also agreed to the closure of the CIRP. Both Creative Plastics and Yes Bank filed affidavits consenting to the settlement. The IRP confirmed that these were the only two financial creditors. The appellant is required to pay Rs. 1,28,000 to the IRP.

Creative Plastics Ltd. initiated CIRP against a Corporate Debtor by filing a Section 7 application, which was admitted by the NCLT. Priyal Kantilal Patel filed an appeal against this order. During the appeal, the parties informed the court that they had reached a settlement. Yes Bank, another financial creditor with 90% voting shares, also agreed to the closure of the CIRP. Both Creative Plastics and Yes Bank filed affidavits consenting to the settlement. The IRP confirmed that these were the only two financial creditors. The appellant is required to pay Rs. 1,28,000 to the IRP.