Dychem International Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Abhinandan Dyeing Pvt. Ltd. An Interim Resolution Professional (IRP) was appointed. Subsequently, the parties reached a settlement agreement dated 2020-03-12 before the formation of the Committee of Creditors (CoC) under Section 21 of the IBC. Based on this settlement, an application (IA(IB) No. 976/KB/2020) was filed under Section 12A of the IBC for withdrawal of the CIRP. The Operational Creditor had no objection to the withdrawal, confirming the amicable settlement. The key fact is the settlement agreement reached before the CoC formation, leading to the withdrawal application.

Dychem International Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Abhinandan Dyeing Pvt. Ltd. An Interim Resolution Professional (IRP) was appointed. Subsequently, the parties reached a settlement agreement dated 2020-03-12 before the formation of the Committee of Creditors (CoC) under Section 21 of the IBC. Based on this settlement, an application (IA(IB) No. 976/KB/2020) was filed under Section 12A of the IBC for withdrawal of the CIRP. The Operational Creditor had no objection to the withdrawal, confirming the amicable settlement. The key fact is the settlement agreement reached before the CoC formation, leading to the withdrawal application.