Mr. Varun Jain, the operational creditor, filed an insolvency petition against M/s. Bluetown (India) Pvt. Ltd., the corporate debtor, under Section 9 of the IBC. Subsequently, both parties entered into a settlement agreement dated 02.07.2020. The settlement deed stipulated that the operational creditor would file an application for withdrawal of the insolvency petition. The agreement also included a clause stating that if the corporate debtor fails to make payments as agreed, the operational creditor could revive the litigation. The operational creditor then filed an application to withdraw the insolvency petition, which was considered by the NCLT.

Mr. Varun Jain, the operational creditor, filed an insolvency petition against M/s. Bluetown (India) Pvt. Ltd., the corporate debtor, under Section 9 of the IBC. Subsequently, both parties entered into a settlement agreement dated 02.07.2020. The settlement deed stipulated that the operational creditor would file an application for withdrawal of the insolvency petition. The agreement also included a clause stating that if the corporate debtor fails to make payments as agreed, the operational creditor could revive the litigation. The operational creditor then filed an application to withdraw the insolvency petition, which was considered by the NCLT.