The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (I&B Code). The applicant, also the financial creditor, initially pursued proceedings against the corporate debtor. However, the management of the applicant has since resolved not to continue with the proceedings and seeks to withdraw the Corporate Petition (CP).
United Petro Finance Ltd., the applicant and financial creditor, initiated proceedings against M/s. Gajanan Solvex Ltd. under Section 7 of the Insolvency and Bankruptcy Code by filing CP-662/2019. Subsequently, the management of United Petro Finance Ltd. resolved not to pursue the proceedings. A withdrawal memo dated 01.07.2019 was filed. The applicant sought permission to withdraw the CP with the liberty to file a fresh petition or adopt appropriate proceedings in the future. The court granted permission to withdraw the CP, noting that the petitioner is free to take due recourse as per law if the debt is not paid.
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Withdrawal Memo dated…
Order passed on…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (I&B Code). The applicant, also the financial creditor, initially pursued proceedings against the corporate debtor. However, the management of the applicant has since resolved not to continue with the proceedings and seeks to withdraw the Corporate Petition (CP).
United Petro Finance Ltd., the applicant and financial creditor, initiated proceedings against M/s. Gajanan Solvex Ltd. under Section 7 of the Insolvency and Bankruptcy Code by filing CP-662/2019. Subsequently, the management of United Petro Finance Ltd. resolved not to pursue the proceedings. A withdrawal memo dated 01.07.2019 was filed. The applicant sought permission to withdraw the CP with the liberty to file a fresh petition or adopt appropriate proceedings in the future. The court granted permission to withdraw the CP, noting that the petitioner is free to take due recourse as per law if the debt is not paid.
Withdrawal Memo dated…
Order passed on…