The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 by VAG Valves (India) Pvt Ltd, an operational creditor, against Singan Projects Ltd, the corporate debtor. The operational creditor sought initiation of the corporate insolvency resolution process (CIRP) against the corporate debtor. The petition was filed due to unpaid operational debt. During the proceedings, both parties filed a joint memo seeking permission to withdraw the petition based on a settlement/compromise reached between them.
VAG Valves (India) Pvt Ltd, the operational creditor, filed a petition against Singan Projects Ltd, the corporate debtor, under Section 9 of the IBC, 2016, for unpaid operational debt. During the proceedings, the parties filed a joint memo stating they had reached a settlement/compromise. The corporate debtor allegedly paid Rs. 16,00,000 to the operational creditor via Pay order No.002355 dated July 22, 2019. The operational creditor sought to withdraw the petition under Rule 8 of the I&B (AAA) Rules, 2016. The petition had not yet been admitted at the time of the withdrawal request. The key fact is the settlement reached between the parties, leading to the withdrawal request and subsequent dismissal of the petition.
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Hearing held…
Hearing held…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 by VAG Valves (India) Pvt Ltd, an operational creditor, against Singan Projects Ltd, the corporate debtor. The operational creditor sought initiation of the corporate insolvency resolution process (CIRP) against the corporate debtor. The petition was filed due to unpaid operational debt. During the proceedings, both parties filed a joint memo seeking permission to withdraw the petition based on a settlement/compromise reached between them.
VAG Valves (India) Pvt Ltd, the operational creditor, filed a petition against Singan Projects Ltd, the corporate debtor, under Section 9 of the IBC, 2016, for unpaid operational debt. During the proceedings, the parties filed a joint memo stating they had reached a settlement/compromise. The corporate debtor allegedly paid Rs. 16,00,000 to the operational creditor via Pay order No.002355 dated July 22, 2019. The operational creditor sought to withdraw the petition under Rule 8 of the I&B (AAA) Rules, 2016. The petition had not yet been admitted at the time of the withdrawal request. The key fact is the settlement reached between the parties, leading to the withdrawal request and subsequent dismissal of the petition.
Hearing held…
Hearing held…