The case pertains to an application filed under Section 35(n) of the Insolvency & Bankruptcy Code, 2016, seeking withdrawal of an application filed under Section 9 of the IB Code, 2016, in the matter of IB-3078/ND/2019, due to a settlement.
Newgen Speciality Plastics Ltd, the operational creditor, filed an application under Section 9 of the IB Code, 2016, against Akanksha Plastics (P) Ltd, the corporate debtor. Subsequently, an application (IA-4494/2021) was filed under Section 35(n) of the Insolvency & Bankruptcy Code, 2016, seeking withdrawal of the initial application due to a settlement reached between the parties in the matter of IB-3078/ND/2019. The court considered the submissions and averments made in the withdrawal application.
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Order delivered on the…
The case pertains to an application filed under Section 35(n) of the Insolvency & Bankruptcy Code, 2016, seeking withdrawal of an application filed under Section 9 of the IB Code, 2016, in the matter of IB-3078/ND/2019, due to a settlement.
Newgen Speciality Plastics Ltd, the operational creditor, filed an application under Section 9 of the IB Code, 2016, against Akanksha Plastics (P) Ltd, the corporate debtor. Subsequently, an application (IA-4494/2021) was filed under Section 35(n) of the Insolvency & Bankruptcy Code, 2016, seeking withdrawal of the initial application due to a settlement reached between the parties in the matter of IB-3078/ND/2019. The court considered the submissions and averments made in the withdrawal application.
Order delivered on the…