M/s Rationalheads Technologies Pvt Ltd initiated insolvency proceedings against M/s India Sports Flashes Pvt Ltd under Section 9 of the IBC. An IRP was appointed. Subsequently, a settlement agreement was reached between the Operational Creditor and the Corporate Debtor. The Operational Creditor received Rs. 7,50,000/-. The IRP then filed an application to withdraw the insolvency application. The authorized representative of the Corporate Debtor and the director of the applicant were present during the proceedings. The court considered the settlement agreement and the payment received by the Operational Creditor as relevant factors in allowing the withdrawal.

M/s Rationalheads Technologies Pvt Ltd initiated insolvency proceedings against M/s India Sports Flashes Pvt Ltd under Section 9 of the IBC. An IRP was appointed. Subsequently, a settlement agreement was reached between the Operational Creditor and the Corporate Debtor. The Operational Creditor received Rs. 7,50,000/-. The IRP then filed an application to withdraw the insolvency application. The authorized representative of the Corporate Debtor and the director of the applicant were present during the proceedings. The court considered the settlement agreement and the payment received by the Operational Creditor as relevant factors in allowing the withdrawal.