The case involves a petition filed by Shree Durga Infra Projects Pvt Ltd, an operational creditor, against Crescent EPS Projects & Technical Services Ltd, the corporate debtor, under Section 9 of the IBC, 2016. The operational creditor sought initiation of the corporate insolvency resolution process (CIRP) against the corporate debtor. However, during the proceedings, both parties reached a settlement.
Shree Durga Infra Projects Pvt Ltd, the operational creditor, filed a petition against Crescent EPS Projects & Technical Services Ltd, the corporate debtor, under Section 9 of the IBC, 2016. The petition sought to initiate CIRP against the corporate debtor. During the proceedings, the operational creditor and the corporate debtor reached a settlement. The terms of the settlement included a full and final settlement amount of Rs. 2,40,00,000/-. The operational creditor then filed a withdrawal memo requesting permission to withdraw the petition based on the settlement. The petition had not yet been admitted, and no IRP had been appointed. The court considered the settlement and the stage of the proceedings before deciding to dismiss the petition as withdrawn,
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CP(IB) No. 531/9/HDB/201…
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The case involves a petition filed by Shree Durga Infra Projects Pvt Ltd, an operational creditor, against Crescent EPS Projects & Technical Services Ltd, the corporate debtor, under Section 9 of the IBC, 2016. The operational creditor sought initiation of the corporate insolvency resolution process (CIRP) against the corporate debtor. However, during the proceedings, both parties reached a settlement.
Shree Durga Infra Projects Pvt Ltd, the operational creditor, filed a petition against Crescent EPS Projects & Technical Services Ltd, the corporate debtor, under Section 9 of the IBC, 2016. The petition sought to initiate CIRP against the corporate debtor. During the proceedings, the operational creditor and the corporate debtor reached a settlement. The terms of the settlement included a full and final settlement amount of Rs. 2,40,00,000/-. The operational creditor then filed a withdrawal memo requesting permission to withdraw the petition based on the settlement. The petition had not yet been admitted, and no IRP had been appointed. The court considered the settlement and the stage of the proceedings before deciding to dismiss the petition as withdrawn,
…CP(IB) No. 531/9/HDB/201…
Hearing he…
Sign in to view related legal provisions.