Reliance Commercial Finance Ltd. initiated insolvency proceedings against Delhi Baroda Road Carrier Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. During the proceedings, the parties reached a settlement agreement. The respondent, Delhi Baroda Road Carrier Pvt. Ltd., made an initial payment of Rs. 51 Lacs on 2019-01-30 as part of the settlement. The petitioner's counsel requested the matter be kept pending until the final installment due date of 2019-03-25. The court took the settlement on record and disposed of the petition, granting the petitioner the liberty to file a fresh application if the settlement terms are violated. The key fact is the settlement agreement, which led the court to dispose of the initial insolvency petition.

Reliance Commercial Finance Ltd. initiated insolvency proceedings against Delhi Baroda Road Carrier Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. During the proceedings, the parties reached a settlement agreement. The respondent, Delhi Baroda Road Carrier Pvt. Ltd., made an initial payment of Rs. 51 Lacs on 2019-01-30 as part of the settlement. The petitioner's counsel requested the matter be kept pending until the final installment due date of 2019-03-25. The court took the settlement on record and disposed of the petition, granting the petitioner the liberty to file a fresh application if the settlement terms are violated. The key fact is the settlement agreement, which led the court to dispose of the initial insolvency petition.