Madras Steels & Tubes, the Operational Creditor, initiated proceedings against Sembmarine Kakinada Limited, the Corporate Debtor, under Section 9 of the IBC, 2016. The basis for the petition was an alleged default in payment. During the proceedings, both parties reached a settlement agreement, dated 2019-04-13, leading to a joint memo being filed before the NCLT, Hyderabad Bench, seeking permission to withdraw the petition. The petition had not yet been admitted at the time of the withdrawal request. The court considered the settlement and the joint request for withdrawal.

Madras Steels & Tubes, the Operational Creditor, initiated proceedings against Sembmarine Kakinada Limited, the Corporate Debtor, under Section 9 of the IBC, 2016. The basis for the petition was an alleged default in payment. During the proceedings, both parties reached a settlement agreement, dated 2019-04-13, leading to a joint memo being filed before the NCLT, Hyderabad Bench, seeking permission to withdraw the petition. The petition had not yet been admitted at the time of the withdrawal request. The court considered the settlement and the joint request for withdrawal.