Southern Plantaids Pvt Ltd, the operational creditor, filed a petition under Section 9 of the IBC against Hyquip System Ltd, the corporate debtor, for unpaid operational debt. The operational creditor's counsel stated that the corporate debtor had paid the entire principal amount along with interest of Rs. 1,50,000/-. The operational creditor then filed a withdrawal memo stating that the entire claim amount was settled. The petition had not yet been admitted by the NCLT. The operational creditor sought to withdraw the petition under Rule 8 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The key fact is the settlement of the debt, which led to the withdrawal request.

Southern Plantaids Pvt Ltd, the operational creditor, filed a petition under Section 9 of the IBC against Hyquip System Ltd, the corporate debtor, for unpaid operational debt. The operational creditor's counsel stated that the corporate debtor had paid the entire principal amount along with interest of Rs. 1,50,000/-. The operational creditor then filed a withdrawal memo stating that the entire claim amount was settled. The petition had not yet been admitted by the NCLT. The operational creditor sought to withdraw the petition under Rule 8 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The key fact is the settlement of the debt, which led to the withdrawal request.