M/s.Magnifico Minerals Private Limited, the operational creditor/petitioner, filed a petition under Section 9 of the IBC, 2016, against M/s.Ratna Cements (Yadwad) Limited, the corporate debtor/respondent, alleging a default of Rs.30,35,884.22 as of 2018-06-14. The case was listed for admission on various dates and adjourned at the request of the parties. The petitioner sought to withdraw the petition based on a settlement. The corporate debtor agreed to pay the outstanding amount, with part payment made via demand draft and a debit note issued for the remaining balance, which was accepted by the petitioner. The key fact is the settlement between the parties leading to the withdrawal of the CIRP petition.

M/s.Magnifico Minerals Private Limited, the operational creditor/petitioner, filed a petition under Section 9 of the IBC, 2016, against M/s.Ratna Cements (Yadwad) Limited, the corporate debtor/respondent, alleging a default of Rs.30,35,884.22 as of 2018-06-14. The case was listed for admission on various dates and adjourned at the request of the parties. The petitioner sought to withdraw the petition based on a settlement. The corporate debtor agreed to pay the outstanding amount, with part payment made via demand draft and a debit note issued for the remaining balance, which was accepted by the petitioner. The key fact is the settlement between the parties leading to the withdrawal of the CIRP petition.