State Bank of India, the Financial Creditor, filed a Corporate Insolvency Petition (CP) against Rana Polycot Limited, the Corporate Debtor. During the hearing, the petitioner's counsel submitted that the One Time Settlement (OTS) proposal given by the Corporate Debtor had been accepted. Consequently, the petitioner sought to withdraw the CP with the liberty to revive it if the Corporate Debtor fails to comply with the terms of the OTS. This indicates that the parties had reached an agreement outside of the insolvency proceedings, contingent upon the Corporate Debtor's adherence to the settlement terms. The acceptance of the OTS proposal is a key fact that led to the dismissal of the CP.

State Bank of India, the Financial Creditor, filed a Corporate Insolvency Petition (CP) against Rana Polycot Limited, the Corporate Debtor. During the hearing, the petitioner's counsel submitted that the One Time Settlement (OTS) proposal given by the Corporate Debtor had been accepted. Consequently, the petitioner sought to withdraw the CP with the liberty to revive it if the Corporate Debtor fails to comply with the terms of the OTS. This indicates that the parties had reached an agreement outside of the insolvency proceedings, contingent upon the Corporate Debtor's adherence to the settlement terms. The acceptance of the OTS proposal is a key fact that led to the dismissal of the CP.