M/s. Aster Technologies Pvt. Ltd., an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Solas Fire Safety Equipment Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, due to a default of Rs.4,35,487.50. The case was admitted on 15.03.2021. Subsequently, the parties reached a settlement, with the corporate debtor paying Rs.6,00,428.50 to the operational creditor on 06.04.2021. The operational creditor then sought to withdraw the CIRP application based on this settlement.

M/s. Aster Technologies Pvt. Ltd., an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Solas Fire Safety Equipment Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, due to a default of Rs.4,35,487.50. The case was admitted on 15.03.2021. Subsequently, the parties reached a settlement, with the corporate debtor paying Rs.6,00,428.50 to the operational creditor on 06.04.2021. The operational creditor then sought to withdraw the CIRP application based on this settlement.