Heavy Steel Pvt. Ltd. & Ors. filed an insolvency petition against KSL and Industries Ltd. under Section 7 of the Insolvency and Bankruptcy Code. The matter came before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). During the proceedings, Advocate Natasha Shah, representing the applicant, filed a withdrawal pursis, stating that the matter had been settled out of court. The court considered this submission and allowed the withdrawal of the insolvency petition, subject to a cost of Rs. 10,000 to be paid to the Army Welfare Fund. The key fact is the out-of-court settlement which led to the withdrawal request and its subsequent approval by the NCLT.

Heavy Steel Pvt. Ltd. & Ors. filed an insolvency petition against KSL and Industries Ltd. under Section 7 of the Insolvency and Bankruptcy Code. The matter came before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). During the proceedings, Advocate Natasha Shah, representing the applicant, filed a withdrawal pursis, stating that the matter had been settled out of court. The court considered this submission and allowed the withdrawal of the insolvency petition, subject to a cost of Rs. 10,000 to be paid to the Army Welfare Fund. The key fact is the out-of-court settlement which led to the withdrawal request and its subsequent approval by the NCLT.