M/s. Interfreight Forwarders Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Karuturi Global Limited (Corporate Debtor) for a default of Rs.57,61,794/-. The parties engaged in discussions and arrived at a settlement, documented in a Joint Memo dated 22.07.2019. According to the Joint Memo, the Corporate Debtor agreed to repay the debt through four post-dated cheques. The Operational Creditor then sought to withdraw the application, reserving the right to file a fresh application if the Corporate Debtor breached the terms of the Joint Memo. The Respondent did not object to the withdrawal. The key fact is the settlement agreement and the subsequent request for withdrawal of the petition based

M/s. Interfreight Forwarders Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Karuturi Global Limited (Corporate Debtor) for a default of Rs.57,61,794/-. The parties engaged in discussions and arrived at a settlement, documented in a Joint Memo dated 22.07.2019. According to the Joint Memo, the Corporate Debtor agreed to repay the debt through four post-dated cheques. The Operational Creditor then sought to withdraw the application, reserving the right to file a fresh application if the Corporate Debtor breached the terms of the Joint Memo. The Respondent did not object to the withdrawal. The key fact is the settlement agreement and the subsequent request for withdrawal of the petition based