Quality Engineering (Baroda) Pvt Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Orbit Electromech India Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted by the NCLT, Mumbai Bench, vide order dated 23.07.2019. Subsequently, the Resolution Professional (RP) filed an application (MA 3164/2019) under Section 12(A) of the IBC seeking withdrawal of the CIRP, stating that the matter had been amicably settled between the parties and the entire amount had been received. No claims were received, and the Committee of Creditors (COC) was not constituted. The RP relied on the Supreme Court's judgment in "Swiss Ribbons Pvt. Ltd. & Another Vs Union of India & Others" to support the withdrawal application.

Quality Engineering (Baroda) Pvt Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Orbit Electromech India Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted by the NCLT, Mumbai Bench, vide order dated 23.07.2019. Subsequently, the Resolution Professional (RP) filed an application (MA 3164/2019) under Section 12(A) of the IBC seeking withdrawal of the CIRP, stating that the matter had been amicably settled between the parties and the entire amount had been received. No claims were received, and the Committee of Creditors (COC) was not constituted. The RP relied on the Supreme Court's judgment in "Swiss Ribbons Pvt. Ltd. & Another Vs Union of India & Others" to support the withdrawal application.