The case involves an appeal against two orders. The first order, dated 2023-01-11, admitted a Section 7 application filed by the Financial Creditor. The second order, dated 2023-02-03, permitted the withdrawal of the application by the Financial Creditor, and the application was dismissed as withdrawn. The Financial Creditor had filed a Section 7 application claiming an amount of Rs.2,48,82,875/-. The Corporate Debtor claimed that after the admission order, they settled the matter with the Financial Creditor on 2023-02-02, and a no dues certificate was issued on the same date. On 2023-02-02, the Financial Creditor filed an application for withdrawal of proceedings under Section 7, which came before the Adjudicating Authority on 2023-02-03. The IRP was approached by
…The Financial Creditor filed a Section 7 application against the Corporate Debtor claiming Rs. 2,48,82,875/-. The Adjudicating Authority admitted the application on 2023-01-11. Subsequently, the Corporate Debtor and the Financial Creditor settled the matter on 2023-02-02, with the Financial Creditor issuing a no dues certificate on the same date. The Financial Creditor then filed an application to withdraw the Section 7 proceedings, which was permitted by the Adjudicating Authority on 2023-02-03. The IRP was informed of the settlement via email on 2023-02-03. The Appellant (likely the Corporate Debtor) claimed that the settlement amount had already been paid via bank drafts on 2023-02-02. The Financial Creditor confirmed the settlement and their desire not to proceed
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Adjudicating Authority…
Corporate Debtor and Financial Creditor settled…
The case involves an appeal against two orders. The first order, dated 2023-01-11, admitted a Section 7 application filed by the Financial Creditor. The second order, dated 2023-02-03, permitted the withdrawal of the application by the Financial Creditor, and the application was dismissed as withdrawn. The Financial Creditor had filed a Section 7 application claiming an amount of Rs.2,48,82,875/-. The Corporate Debtor claimed that after the admission order, they settled the matter with the Financial Creditor on 2023-02-02, and a no dues certificate was issued on the same date. On 2023-02-02, the Financial Creditor filed an application for withdrawal of proceedings under Section 7, which came before the Adjudicating Authority on 2023-02-03. The IRP was approached by
…The Financial Creditor filed a Section 7 application against the Corporate Debtor claiming Rs. 2,48,82,875/-. The Adjudicating Authority admitted the application on 2023-01-11. Subsequently, the Corporate Debtor and the Financial Creditor settled the matter on 2023-02-02, with the Financial Creditor issuing a no dues certificate on the same date. The Financial Creditor then filed an application to withdraw the Section 7 proceedings, which was permitted by the Adjudicating Authority on 2023-02-03. The IRP was informed of the settlement via email on 2023-02-03. The Appellant (likely the Corporate Debtor) claimed that the settlement amount had already been paid via bank drafts on 2023-02-02. The Financial Creditor confirmed the settlement and their desire not to proceed
…Adjudicating Authority…
Corporate Debtor and Financial Creditor settled…