The matter was taken up through Virtual Hearing (VC). The counsel for the Financial Creditor, Mr. Minil Shah, and the counsel for the Corporate Debtor, Mr. Shyam Kapadia, appeared. Both counsels submitted that subsequent to the order being reserved in April 2021, the Corporate Debtor issued a pay order dated 2021-04-28 for approximately Rs. 3.30 crores, which was encashed by the Financial Creditor. A withdrawal memo and consent terms dated 2020-05-18 were also filed.
The matter was heard through virtual hearing. Mr. Minil Shah appeared as counsel for the Financial Creditor, and Mr. Shyam Kapadia appeared as counsel for the Corporate Debtor. After the order was reserved in April 2021, the Corporate Debtor issued a pay order dated 2021-04-28 for approximately Rs. 3.30 crores, which the Financial Creditor encashed. A withdrawal memo and consent terms dated 2020-05-18 were filed. These actions led to the court granting permission to withdraw the petition. The payment by the Corporate Debtor to the Financial Creditor is a key fact, as it likely formed the basis for the withdrawal of the petition.
Sign in to view the parties.
A withdrawal memo and…
The order in the matter…
The matter was taken up through Virtual Hearing (VC). The counsel for the Financial Creditor, Mr. Minil Shah, and the counsel for the Corporate Debtor, Mr. Shyam Kapadia, appeared. Both counsels submitted that subsequent to the order being reserved in April 2021, the Corporate Debtor issued a pay order dated 2021-04-28 for approximately Rs. 3.30 crores, which was encashed by the Financial Creditor. A withdrawal memo and consent terms dated 2020-05-18 were also filed.
The matter was heard through virtual hearing. Mr. Minil Shah appeared as counsel for the Financial Creditor, and Mr. Shyam Kapadia appeared as counsel for the Corporate Debtor. After the order was reserved in April 2021, the Corporate Debtor issued a pay order dated 2021-04-28 for approximately Rs. 3.30 crores, which the Financial Creditor encashed. A withdrawal memo and consent terms dated 2020-05-18 were filed. These actions led to the court granting permission to withdraw the petition. The payment by the Corporate Debtor to the Financial Creditor is a key fact, as it likely formed the basis for the withdrawal of the petition.
A withdrawal memo and…
The order in the matter…