Ion Exchange (India) Ltd, an operational creditor, filed a petition against KPR Industries (India) Ltd, the corporate debtor, under Section 9 of the IBC, 2016. The operational creditor sought to initiate CIRP against the corporate debtor. The matter was listed for reporting settlement. The operational creditor's counsel filed a memo stating that the corporate debtor had settled the matter out of court and sought permission to withdraw the petition. The petition had not yet been admitted, and no IRP had been appointed. The court granted permission to withdraw the petition, and it was subsequently dismissed.

Ion Exchange (India) Ltd, an operational creditor, filed a petition against KPR Industries (India) Ltd, the corporate debtor, under Section 9 of the IBC, 2016. The operational creditor sought to initiate CIRP against the corporate debtor. The matter was listed for reporting settlement. The operational creditor's counsel filed a memo stating that the corporate debtor had settled the matter out of court and sought permission to withdraw the petition. The petition had not yet been admitted, and no IRP had been appointed. The court granted permission to withdraw the petition, and it was subsequently dismissed.