Rasi Electrodes Ltd initiated CIRP against Balsara Engineering Products Pvt Ltd under IBA/1428/2019. The petition was admitted on 2021-02-24, and Mr. C. Prabakaran was appointed as the Interim Resolution Professional (IRP). Subsequently, the applicant sought to withdraw the CIRP because the amount claimed from the Corporate Debtor had been remitted. The IRP filed an affidavit stating that no charges had been incurred because a settlement had been reached between the parties. No CoC was constituted. The applicant relied on Rule 11 of NCLT Rules, 2016, and the Supreme Court's decision in Swiss Ribbons Pvt Ltd., & Ors vs. Union of India & Ors (2019) of SCC 17.

Rasi Electrodes Ltd initiated CIRP against Balsara Engineering Products Pvt Ltd under IBA/1428/2019. The petition was admitted on 2021-02-24, and Mr. C. Prabakaran was appointed as the Interim Resolution Professional (IRP). Subsequently, the applicant sought to withdraw the CIRP because the amount claimed from the Corporate Debtor had been remitted. The IRP filed an affidavit stating that no charges had been incurred because a settlement had been reached between the parties. No CoC was constituted. The applicant relied on Rule 11 of NCLT Rules, 2016, and the Supreme Court's decision in Swiss Ribbons Pvt Ltd., & Ors vs. Union of India & Ors (2019) of SCC 17.