A CIRP was initiated against Kannelite Facility Management Services Pvt. Ltd. based on a petition under Section 9 of the IBC. Subsequently, a settlement agreement was reached between the operational creditor and the erstwhile management of the corporate debtor. A demand draft of Rs. 5,04,265 dated 2021-01-19 was handed over to Respondent No. 1 as full and final payment. The applicant then filed an application under Section 12A of the IBC for withdrawal of the CIRP. The Committee of Creditors (COC) had not been constituted till the date of the hearing. The court considered the settlement and the absence of a COC in allowing the withdrawal application.

A CIRP was initiated against Kannelite Facility Management Services Pvt. Ltd. based on a petition under Section 9 of the IBC. Subsequently, a settlement agreement was reached between the operational creditor and the erstwhile management of the corporate debtor. A demand draft of Rs. 5,04,265 dated 2021-01-19 was handed over to Respondent No. 1 as full and final payment. The applicant then filed an application under Section 12A of the IBC for withdrawal of the CIRP. The Committee of Creditors (COC) had not been constituted till the date of the hearing. The court considered the settlement and the absence of a COC in allowing the withdrawal application.