The case involves Contiental Carries Pvt. Ltd. as the applicant/petitioner and Advance Surfactants (India) Ltd. as the respondent. The matter was brought before the National Company Law Tribunal (NCLT), New Delhi, under Section 9 of the Insolvency & Bankruptcy Code, 2016.
Contiental Carries Pvt. Ltd. filed a petition against Advance Surfactants (India) Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016. The dispute between the parties was amicably settled. The petitioner's counsel stated that they had instructions to withdraw the petition. The court dismissed the petition as withdrawn. The order specifies that if the terms of the settlement are not complied with and a default occurs, the petitioner may file a fresh petition or apply for revival of the same. This contingency clause is crucial as it provides a safety net for the petitioner in case the settlement falls through.
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Order delivered on…
The case involves Contiental Carries Pvt. Ltd. as the applicant/petitioner and Advance Surfactants (India) Ltd. as the respondent. The matter was brought before the National Company Law Tribunal (NCLT), New Delhi, under Section 9 of the Insolvency & Bankruptcy Code, 2016.
Contiental Carries Pvt. Ltd. filed a petition against Advance Surfactants (India) Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016. The dispute between the parties was amicably settled. The petitioner's counsel stated that they had instructions to withdraw the petition. The court dismissed the petition as withdrawn. The order specifies that if the terms of the settlement are not complied with and a default occurs, the petitioner may file a fresh petition or apply for revival of the same. This contingency clause is crucial as it provides a safety net for the petitioner in case the settlement falls through.
Order delivered on…