Mr. Khetulal Pugalia, representing M/s Khetulal Pugalia and Sons (HUF), filed a Company Petition against M/s Sri Lakshmi Srinivasa Jute Mills Private Limited. The NCLT Amaravati Bench at Hyderabad initially admitted the petition on 2019-11-19 and appointed an IRP. However, before the Committee of Creditors (CoC) could be constituted, the Petitioner (Operational Creditor) and the Respondent (Corporate Debtor) reached an amicable settlement out of court. Consequently, they jointly filed a memo seeking withdrawal of the application. The court accepted the memo, noting that pushing the Respondent into CIRP would be inappropriate given the settlement.

Mr. Khetulal Pugalia, representing M/s Khetulal Pugalia and Sons (HUF), filed a Company Petition against M/s Sri Lakshmi Srinivasa Jute Mills Private Limited. The NCLT Amaravati Bench at Hyderabad initially admitted the petition on 2019-11-19 and appointed an IRP. However, before the Committee of Creditors (CoC) could be constituted, the Petitioner (Operational Creditor) and the Respondent (Corporate Debtor) reached an amicable settlement out of court. Consequently, they jointly filed a memo seeking withdrawal of the application. The court accepted the memo, noting that pushing the Respondent into CIRP would be inappropriate given the settlement.