M/s Sunmount Engineering LLP, an operational creditor, filed an insolvency petition against Acme Cleantech Solutions Pvt. Ltd., a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The case was heard by the National Company Law Tribunal (NCLT), Chandigarh Bench. The petitioner sought to withdraw the petition, stating that the parties had settled the matter. The court permitted the withdrawal and dismissed the petition without liberty to file a fresh petition on the same cause of action. This indicates a resolution between the parties outside of the formal insolvency process.

M/s Sunmount Engineering LLP, an operational creditor, filed an insolvency petition against Acme Cleantech Solutions Pvt. Ltd., a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The case was heard by the National Company Law Tribunal (NCLT), Chandigarh Bench. The petitioner sought to withdraw the petition, stating that the parties had settled the matter. The court permitted the withdrawal and dismissed the petition without liberty to file a fresh petition on the same cause of action. This indicates a resolution between the parties outside of the formal insolvency process.