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 Insolvency and Bankruptcy Code (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.
Graphite & Mineral Products, the operational creditor, initiated insolvency proceedings against Jairam Foundry Pvt Ltd, the corporate debtor, under Section 9 of the IBC. The operational creditor claimed an outstanding debt of Rs. 12,09,950. Before the petition was admitted, the corporate debtor made the full payment to the operational creditor via NEFT. Consequently, the operational creditor filed a withdrawal memo seeking to withdraw the petition. The court acknowledged the settlement and permitted 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 Insolvency and Bankruptcy Code (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.
Graphite & Mineral Products, the operational creditor, initiated insolvency proceedings against Jairam Foundry Pvt Ltd, the corporate debtor, under Section 9 of the IBC. The operational creditor claimed an outstanding debt of Rs. 12,09,950. Before the petition was admitted, the corporate debtor made the full payment to the operational creditor via NEFT. Consequently, the operational creditor filed a withdrawal memo seeking to withdraw the petition. The court acknowledged the settlement and permitted the withdrawal.
Hearing he…
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