The case involves IA No. 4877/ND/2021, filed in the National Company Law Tribunal, New Delhi. The applicant is Avery Dennison India Pvt. Ltd. and the respondent is CASA2 Stays Pvt. Ltd. The matter pertains to an order under Section 9 of the Insolvency and Bankruptcy Code (IBC). The counsel for both sides stated that a settlement has been reached between the parties, and the applicant's counsel seeks to withdraw the petition as no Committee of Creditors (CoC) has been appointed. A settlement agreement has been placed on record.
Avery Dennison India Pvt. Ltd. filed a petition against CASA2 Stays Pvt. Ltd. under Section 9 of the IBC. During the proceedings, both parties reached a settlement. As a result of the settlement, Avery Dennison India Pvt. Ltd. sought to withdraw the petition. Crucially, a Committee of Creditors (CoC) had not been appointed at the time of the settlement. The settlement agreement was presented to the court. The court considered the settlement and the applicant's request for withdrawal.
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The order was delivered on October 27,…
The case involves IA No. 4877/ND/2021, filed in the National Company Law Tribunal, New Delhi. The applicant is Avery Dennison India Pvt. Ltd. and the respondent is CASA2 Stays Pvt. Ltd. The matter pertains to an order under Section 9 of the Insolvency and Bankruptcy Code (IBC). The counsel for both sides stated that a settlement has been reached between the parties, and the applicant's counsel seeks to withdraw the petition as no Committee of Creditors (CoC) has been appointed. A settlement agreement has been placed on record.
Avery Dennison India Pvt. Ltd. filed a petition against CASA2 Stays Pvt. Ltd. under Section 9 of the IBC. During the proceedings, both parties reached a settlement. As a result of the settlement, Avery Dennison India Pvt. Ltd. sought to withdraw the petition. Crucially, a Committee of Creditors (CoC) had not been appointed at the time of the settlement. The settlement agreement was presented to the court. The court considered the settlement and the applicant's request for withdrawal.
The order was delivered on October 27,…