Shri Shashi Agarwal, the Interim Resolution Professional (IRP) of Innovate Ventures (India) Pvt. Ltd., filed an application (I.A. No. 85) stating that the parties involved in the insolvency proceedings had reached a settlement. A settlement agreement was executed on 10.10.2019. Form FA, documenting the settlement, was received and annexed as Annexure-D to the application. The fees and reimbursement of expenses related to the insolvency process were paid on 06.11.2019. Based on the settlement, the IRP requested permission to withdraw the company petition No. CP (IB)/19/GB/2019. The relevance of these facts lies in demonstrating that the parties resolved their dispute outside of the formal insolvency process, leading to the withdrawal of the insolvency petition.

Shri Shashi Agarwal, the Interim Resolution Professional (IRP) of Innovate Ventures (India) Pvt. Ltd., filed an application (I.A. No. 85) stating that the parties involved in the insolvency proceedings had reached a settlement. A settlement agreement was executed on 10.10.2019. Form FA, documenting the settlement, was received and annexed as Annexure-D to the application. The fees and reimbursement of expenses related to the insolvency process were paid on 06.11.2019. Based on the settlement, the IRP requested permission to withdraw the company petition No. CP (IB)/19/GB/2019. The relevance of these facts lies in demonstrating that the parties resolved their dispute outside of the formal insolvency process, leading to the withdrawal of the insolvency petition.