The case involves an application for withdrawal of a petition filed by the Operational Creditor, CA(IB)No.1177/KB/2019, due to a settlement reached between the parties. The Interim Resolution Professional (IRP) reports a lack of cooperation from the applicant and the Corporate Debtor.
The Operational Creditor filed CA(IB)No.1177/KB/2019 seeking to initiate insolvency proceedings against the Corporate Debtor, Jeco Agrovet Pvt.Ltd.-Vs- Emmtech Farms Pvt.Ltd. However, a settlement was reached between the parties. The IRP reported a lack of cooperation from both the applicant and the Corporate Debtor. The CoC has not been formed yet. The Operational Creditor requested the withdrawal of the petition based on the settlement. The court considered the settlement and the IRP's report.
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The case involves an application for withdrawal of a petition filed by the Operational Creditor, CA(IB)No.1177/KB/2019, due to a settlement reached between the parties. The Interim Resolution Professional (IRP) reports a lack of cooperation from the applicant and the Corporate Debtor.
The Operational Creditor filed CA(IB)No.1177/KB/2019 seeking to initiate insolvency proceedings against the Corporate Debtor, Jeco Agrovet Pvt.Ltd.-Vs- Emmtech Farms Pvt.Ltd. However, a settlement was reached between the parties. The IRP reported a lack of cooperation from both the applicant and the Corporate Debtor. The CoC has not been formed yet. The Operational Creditor requested the withdrawal of the petition based on the settlement. The court considered the settlement and the IRP's report.
Hearing held on…
Operational Creditor filed…
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