The case pertains to a company petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The applicant, Prakash Parcel Services Pvt. Ltd., sought initiation of corporate insolvency resolution process against the respondent, Megha Granuels Pvt. Ltd. The applicant filed IA No.84 of 2019 seeking withdrawal of the main company petition based on a settlement reached between the parties.
Prakash Parcel Services Pvt. Ltd. (Operational Creditor/Applicant) filed a company petition against Megha Granuels Pvt. Ltd. (Corporate Debtor/Respondent) under Section 9 of the Insolvency & Bankruptcy Code, 2016. Subsequently, the parties reached a settlement, and the Operational Creditor received the settlement amount through post-dated cheques issued by the Corporate Debtor. The Operational Creditor then filed IA No.84 of 2019 seeking withdrawal of the main company petition. The main company petition had not yet been admitted. The settlement and the receipt of post-dated cheques are key facts that led to the withdrawal application.
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The case pertains to a company petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The applicant, Prakash Parcel Services Pvt. Ltd., sought initiation of corporate insolvency resolution process against the respondent, Megha Granuels Pvt. Ltd. The applicant filed IA No.84 of 2019 seeking withdrawal of the main company petition based on a settlement reached between the parties.
Prakash Parcel Services Pvt. Ltd. (Operational Creditor/Applicant) filed a company petition against Megha Granuels Pvt. Ltd. (Corporate Debtor/Respondent) under Section 9 of the Insolvency & Bankruptcy Code, 2016. Subsequently, the parties reached a settlement, and the Operational Creditor received the settlement amount through post-dated cheques issued by the Corporate Debtor. The Operational Creditor then filed IA No.84 of 2019 seeking withdrawal of the main company petition. The main company petition had not yet been admitted. The settlement and the receipt of post-dated cheques are key facts that led to the withdrawal application.
Order delivered on the…
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