The case involves an application filed by the operational creditor, Gayatri Steels, under Section 9 of the Insolvency and Bankruptcy Code (IBC) against ASPG Infrastructure Pvt. Ltd. The operational creditor sought initiation of the corporate insolvency resolution process (CIRP) against the corporate debtor. The current application before the NCLT is for withdrawal of the petition.
Gayatri Steels, the operational creditor, filed a petition under Section 9 of the IBC against ASPG Infrastructure Pvt. Ltd., the corporate debtor. Subsequently, Gayatri Steels filed an application (IA No. 1463 of 2021) to withdraw the said petition. The application for withdrawal was based on a settlement deed dated 05.03.2021. The NCLT considered the submissions of both parties and allowed the withdrawal, dismissing the original petition but granting liberty to revive it or file a fresh one if the corporate debtor defaults on the settlement terms.
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Settlement deed between…
Order delivered…
The case involves an application filed by the operational creditor, Gayatri Steels, under Section 9 of the Insolvency and Bankruptcy Code (IBC) against ASPG Infrastructure Pvt. Ltd. The operational creditor sought initiation of the corporate insolvency resolution process (CIRP) against the corporate debtor. The current application before the NCLT is for withdrawal of the petition.
Gayatri Steels, the operational creditor, filed a petition under Section 9 of the IBC against ASPG Infrastructure Pvt. Ltd., the corporate debtor. Subsequently, Gayatri Steels filed an application (IA No. 1463 of 2021) to withdraw the said petition. The application for withdrawal was based on a settlement deed dated 05.03.2021. The NCLT considered the submissions of both parties and allowed the withdrawal, dismissing the original petition but granting liberty to revive it or file a fresh one if the corporate debtor defaults on the settlement terms.
Settlement deed between…
Order delivered…