The case involves a petition filed by Graphite & Mineral Products, an operational creditor, against Jairam Foundry Pvt Ltd, the corporate debtor, under Section 9 of the IBC, 2016. The operational creditor filed a withdrawal memo stating that the corporate debtor had paid the outstanding amount of Rs. 12,09,950 through NEFT. The petition was filed before being admitted.
Graphite & Mineral Products, the operational creditor, initiated insolvency proceedings against Jairam Foundry Pvt Ltd, the corporate debtor, under Section 9 of the IBC, 2016, for an outstanding debt. Prior to the admission of the petition, Jairam Foundry Pvt Ltd made a payment of Rs. 12,09,950 to Graphite & Mineral Products through NEFT, settling the entire claim. Consequently, Graphite & Mineral Products filed a withdrawal memo seeking to withdraw the insolvency petition. The key fact is the settlement of the debt before the admission of the petition, which allowed for the withdrawal.
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The case involves a petition filed by Graphite & Mineral Products, an operational creditor, against Jairam Foundry Pvt Ltd, the corporate debtor, under Section 9 of the IBC, 2016. The operational creditor filed a withdrawal memo stating that the corporate debtor had paid the outstanding amount of Rs. 12,09,950 through NEFT. The petition was filed before being admitted.
Graphite & Mineral Products, the operational creditor, initiated insolvency proceedings against Jairam Foundry Pvt Ltd, the corporate debtor, under Section 9 of the IBC, 2016, for an outstanding debt. Prior to the admission of the petition, Jairam Foundry Pvt Ltd made a payment of Rs. 12,09,950 to Graphite & Mineral Products through NEFT, settling the entire claim. Consequently, Graphite & Mineral Products filed a withdrawal memo seeking to withdraw the insolvency petition. The key fact is the settlement of the debt before the admission of the petition, which allowed for the withdrawal.
Hearing he…
Hearing he…
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