A petition, CP 109 of 2021, was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kasata Hometech India Private Limited due to default in payment of financial debt. Before any significant progress in the CIRP, the Petitioners and the Respondent entered into a settlement agreement, executing Consent Terms dated June 2, 2021. Consequently, the Petitioners sought to withdraw the petition, citing the settlement. The professional representative for the petitioner appeared before the NCLT and confirmed the settlement and the filing of a withdrawal memo. The NCLT considered the settlement agreement and the request for withdrawal.

A petition, CP 109 of 2021, was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kasata Hometech India Private Limited due to default in payment of financial debt. Before any significant progress in the CIRP, the Petitioners and the Respondent entered into a settlement agreement, executing Consent Terms dated June 2, 2021. Consequently, the Petitioners sought to withdraw the petition, citing the settlement. The professional representative for the petitioner appeared before the NCLT and confirmed the settlement and the filing of a withdrawal memo. The NCLT considered the settlement agreement and the request for withdrawal.