Rammaica India Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against B.M Advertising Pvt Ltd under Section 9 of the IBC. The CP was admitted on 2019-10-16. However, the matter was settled out of the Tribunal before the Committee of Creditors (CoC) could be formed, as no claims were received after the public announcement. The IRP then filed an application (CA(IB) No. 1528/KB/2019) to record the settlement and permit the Operational Creditor to withdraw the CP. The IRP's fees and costs were discharged. The key fact is the out-of-court settlement, which led to the IRP's application for withdrawal.

Rammaica India Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against B.M Advertising Pvt Ltd under Section 9 of the IBC. The CP was admitted on 2019-10-16. However, the matter was settled out of the Tribunal before the Committee of Creditors (CoC) could be formed, as no claims were received after the public announcement. The IRP then filed an application (CA(IB) No. 1528/KB/2019) to record the settlement and permit the Operational Creditor to withdraw the CP. The IRP's fees and costs were discharged. The key fact is the out-of-court settlement, which led to the IRP's application for withdrawal.