The case involves an application filed by a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Applicant Financial Creditor sought to withdraw the petition based on a settlement. Notice was issued to the Corporate Debtor.
The Financial Creditor initiated a Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, ETCO Industries Pvt. Ltd., by filing an application under Section 7 of the Insolvency and Bankruptcy Code. The Financial Creditor subsequently sought to withdraw the application based on a settlement reached with the Corporate Debtor. The Adjudicating Authority considered the withdrawal application, noting that the petition had not yet been admitted. The Corporate Debtor was notified of the application. The key fact is the settlement between the parties leading to the withdrawal request.
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The Adjudicating Authority passed an order…
The case involves an application filed by a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Applicant Financial Creditor sought to withdraw the petition based on a settlement. Notice was issued to the Corporate Debtor.
The Financial Creditor initiated a Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, ETCO Industries Pvt. Ltd., by filing an application under Section 7 of the Insolvency and Bankruptcy Code. The Financial Creditor subsequently sought to withdraw the application based on a settlement reached with the Corporate Debtor. The Adjudicating Authority considered the withdrawal application, noting that the petition had not yet been admitted. The Corporate Debtor was notified of the application. The key fact is the settlement between the parties leading to the withdrawal request.
The Adjudicating Authority passed an order…