M/s. Airpro Engineers Pvt Ltd. filed C.P.(IB) No.12/BB/2020 under Section 9 of the IBC, 2016, against M/s. Psychrometric Solutions & Systems Pvt Ltd. The petition sought to initiate CIRP due to a default of Rs. 10,84,514. The case was adjourned multiple times for settlement discussions. A Joint Memorandum of Compromise was executed on 05.03.2020, with a payment schedule outlined. The respondent committed to adhering to the payment schedule. A memo of withdrawal was filed by the petitioner. The settlement involved a payment schedule with installments due on 15th March 2020 and 10th April 2020, totaling Rs. 12,30,325. The Joint Memo stipulated that if the respondent defaulted on payments, the petition would be revived.

M/s. Airpro Engineers Pvt Ltd. filed C.P.(IB) No.12/BB/2020 under Section 9 of the IBC, 2016, against M/s. Psychrometric Solutions & Systems Pvt Ltd. The petition sought to initiate CIRP due to a default of Rs. 10,84,514. The case was adjourned multiple times for settlement discussions. A Joint Memorandum of Compromise was executed on 05.03.2020, with a payment schedule outlined. The respondent committed to adhering to the payment schedule. A memo of withdrawal was filed by the petitioner. The settlement involved a payment schedule with installments due on 15th March 2020 and 10th April 2020, totaling Rs. 12,30,325. The Joint Memo stipulated that if the respondent defaulted on payments, the petition would be revived.