The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 by Ingram Micro India Pvt Ltd (Operational Creditor) against Kellton Tech Solutions Pvt Ltd (Corporate Debtor). The Operational Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. However, a joint memo was filed by both parties stating that the matter had been settled between them as per agreed terms, and permission was sought to withdraw the case.
Ingram Micro India Pvt Ltd, the Operational Creditor, filed a petition against Kellton Tech Solutions Pvt Ltd, the Corporate Debtor, under Section 9 of the IBC, 2016. Before the petition could be admitted, both parties reached a settlement. A joint memo was filed, signed by both the Counsel for the Operational Creditor and the PCS for the Corporate Debtor, stating that the matter was settled/compromised. The Operational Creditor requested permission to withdraw the case. The court noted that the petition had not yet been admitted and that the parties had agreed to a settlement. The relevance of the settlement lies in resolving the dispute outside the formal CIRP process, saving time and resources for both parties and the court.
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Hearing held…
Hearing held…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 by Ingram Micro India Pvt Ltd (Operational Creditor) against Kellton Tech Solutions Pvt Ltd (Corporate Debtor). The Operational Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. However, a joint memo was filed by both parties stating that the matter had been settled between them as per agreed terms, and permission was sought to withdraw the case.
Ingram Micro India Pvt Ltd, the Operational Creditor, filed a petition against Kellton Tech Solutions Pvt Ltd, the Corporate Debtor, under Section 9 of the IBC, 2016. Before the petition could be admitted, both parties reached a settlement. A joint memo was filed, signed by both the Counsel for the Operational Creditor and the PCS for the Corporate Debtor, stating that the matter was settled/compromised. The Operational Creditor requested permission to withdraw the case. The court noted that the petition had not yet been admitted and that the parties had agreed to a settlement. The relevance of the settlement lies in resolving the dispute outside the formal CIRP process, saving time and resources for both parties and the court.
Hearing held…
Hearing held…