The petitioner sought withdrawal of the petition because the respondent/corporate debtor paid part of the amount (Rs. 5 Lacs) as per the Memo of Settlement and provided a repayment schedule for the remaining amount. The IRP stated that the corporate debtor's net worth is sufficient to meet future liabilities, and no amounts are outstanding or overdue. No paper publication was made by the IRP to obtain information from other creditors. No COC was formed.
USAM Technologies Solutions Pvt Ltd filed a petition against Innovative Civil Engineering Solutions Pvt Ltd. The Corporate Debtor, Innovative Civil Engineering Solutions Pvt Ltd, made a partial payment of Rs. 5 Lacs to USAM Technologies Solutions Pvt Ltd, as per the Memo of Settlement, and provided a schedule for repaying the remaining amount. The IRP representing the Corporate Debtor stated that the Corporate Debtor's net worth is sufficient to meet future liabilities, and there are no outstanding or overdue amounts. No Committee of Creditors (COC) was formed. The Petitioner sought to withdraw the petition based on the settlement.
Sign in to view the parties.
Hearing held a…
Sign in to view related legal provisions.
The petitioner sought withdrawal of the petition because the respondent/corporate debtor paid part of the amount (Rs. 5 Lacs) as per the Memo of Settlement and provided a repayment schedule for the remaining amount. The IRP stated that the corporate debtor's net worth is sufficient to meet future liabilities, and no amounts are outstanding or overdue. No paper publication was made by the IRP to obtain information from other creditors. No COC was formed.
USAM Technologies Solutions Pvt Ltd filed a petition against Innovative Civil Engineering Solutions Pvt Ltd. The Corporate Debtor, Innovative Civil Engineering Solutions Pvt Ltd, made a partial payment of Rs. 5 Lacs to USAM Technologies Solutions Pvt Ltd, as per the Memo of Settlement, and provided a schedule for repaying the remaining amount. The IRP representing the Corporate Debtor stated that the Corporate Debtor's net worth is sufficient to meet future liabilities, and there are no outstanding or overdue amounts. No Committee of Creditors (COC) was formed. The Petitioner sought to withdraw the petition based on the settlement.
Hearing held a…
Sign in to view related legal provisions.