Mr. Korea Trade Insurance Corporation (Ksure) filed a petition (IB-1761/ND/2019) against M/s. Aquashield Chemtech Pvt. Ltd. under Section 9 of the IBC. The Resolution Professional filed an application to withdraw the petition under Section 12A of the IBBI Code 2016 and Regulation 30 (A) (4) of the Insolvency Regulation 2016. There was no financial creditor, and the petitioner was the sole operational creditor. The COC, consisting only of the applicant, approved the withdrawal. The operational creditor entered into a settlement agreement with the corporate debtor. The CIRP cost was received by the RP. The matter was placed before the 3rd COC held on December 12, 2019, and it was resolved by 100 per cent voting.

Mr. Korea Trade Insurance Corporation (Ksure) filed a petition (IB-1761/ND/2019) against M/s. Aquashield Chemtech Pvt. Ltd. under Section 9 of the IBC. The Resolution Professional filed an application to withdraw the petition under Section 12A of the IBBI Code 2016 and Regulation 30 (A) (4) of the Insolvency Regulation 2016. There was no financial creditor, and the petitioner was the sole operational creditor. The COC, consisting only of the applicant, approved the withdrawal. The operational creditor entered into a settlement agreement with the corporate debtor. The CIRP cost was received by the RP. The matter was placed before the 3rd COC held on December 12, 2019, and it was resolved by 100 per cent voting.