M/S Versatile Card Technology Pvt. Ltd. initiated proceedings against M/S RST Semi Conductors Pvt. Ltd. under Section 9 of the IBC. During the proceedings, a settlement was reached between the parties. A settlement agreement dated 15.03.2021 was executed, and the applicant contended that the entire amount had been paid in full. Consequently, IA No. 236/2021 was filed for withdrawal of the proceedings. The respondent's counsel did not dispute the applicant's argument regarding the settlement and full payment. The key fact is the settlement reached between the parties and the full payment of the amount due, leading to the withdrawal application.

M/S Versatile Card Technology Pvt. Ltd. initiated proceedings against M/S RST Semi Conductors Pvt. Ltd. under Section 9 of the IBC. During the proceedings, a settlement was reached between the parties. A settlement agreement dated 15.03.2021 was executed, and the applicant contended that the entire amount had been paid in full. Consequently, IA No. 236/2021 was filed for withdrawal of the proceedings. The respondent's counsel did not dispute the applicant's argument regarding the settlement and full payment. The key fact is the settlement reached between the parties and the full payment of the amount due, leading to the withdrawal application.