The case involves an application filed for the withdrawal of a company petition. The withdrawal is based on a settlement reached between the corporate debtor and the petitioner. The petitioner also seeks the liberty to revive the petition if the corporate debtor fails to make the payment.
ICICI Bank Ltd filed a company petition against Jindal India Thermal Power Ltd. Subsequently, a settlement was reached between the two parties. ICICI Bank Ltd then filed an application (IA-2750/2021) to withdraw the company petition, seeking liberty to revive the petition if Jindal India Thermal Power Ltd fails to make the payment as per the settlement. The application was filed under Section 7 of the Insolvency and Bankruptcy Code.
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Order delivered on the…
The case involves an application filed for the withdrawal of a company petition. The withdrawal is based on a settlement reached between the corporate debtor and the petitioner. The petitioner also seeks the liberty to revive the petition if the corporate debtor fails to make the payment.
ICICI Bank Ltd filed a company petition against Jindal India Thermal Power Ltd. Subsequently, a settlement was reached between the two parties. ICICI Bank Ltd then filed an application (IA-2750/2021) to withdraw the company petition, seeking liberty to revive the petition if Jindal India Thermal Power Ltd fails to make the payment as per the settlement. The application was filed under Section 7 of the Insolvency and Bankruptcy Code.
Order delivered on the…