APL Corporation Pvt. Ltd. initiated insolvency proceedings against Saffron Poly Threads Pvt Ltd. The IRP filed IA No. 258 of 2021 under Section 30A of the IBC 2016. All parties involved, including the IRP, the CoC, and the suspended management, reached a settlement and requested the court to allow the withdrawal of the application. The court noted no objections to the withdrawal. The Corporate Debtor was directed to pay Rs. 10,000 to the PM Cares Fund. The main CP was removed from the cause list, indicating the closure of the insolvency proceedings.

APL Corporation Pvt. Ltd. initiated insolvency proceedings against Saffron Poly Threads Pvt Ltd. The IRP filed IA No. 258 of 2021 under Section 30A of the IBC 2016. All parties involved, including the IRP, the CoC, and the suspended management, reached a settlement and requested the court to allow the withdrawal of the application. The court noted no objections to the withdrawal. The Corporate Debtor was directed to pay Rs. 10,000 to the PM Cares Fund. The main CP was removed from the cause list, indicating the closure of the insolvency proceedings.