The petitioner, Samunnati Agro Solutions Pvt Ltd, filed a petition (IBA/1368/2019) against the respondent, SR Marine Foods Pvt Ltd, under Section 9 Rule 6 of the IBC, 2016. The parties subsequently arrived at a compromise, documented in a Settlement Deed dated 2021-06-30. Based on this settlement, the petitioner sought permission to withdraw the petition, reserving the right to refile if the respondent (Corporate Debtor) failed to adhere to the terms of the Settlement Deed. The court considered this compromise as a valid basis for withdrawal, indicating that the parties had reached an agreement to resolve the matter outside of the formal insolvency process. The key fact is the existence of the Settlement Deed, which formed the basis for the petitioner's request to

The petitioner, Samunnati Agro Solutions Pvt Ltd, filed a petition (IBA/1368/2019) against the respondent, SR Marine Foods Pvt Ltd, under Section 9 Rule 6 of the IBC, 2016. The parties subsequently arrived at a compromise, documented in a Settlement Deed dated 2021-06-30. Based on this settlement, the petitioner sought permission to withdraw the petition, reserving the right to refile if the respondent (Corporate Debtor) failed to adhere to the terms of the Settlement Deed. The court considered this compromise as a valid basis for withdrawal, indicating that the parties had reached an agreement to resolve the matter outside of the formal insolvency process. The key fact is the existence of the Settlement Deed, which formed the basis for the petitioner's request to