Mr. Khetulal Pugalia, Karta of M/s Khetulal Pugalia and Sons (HUF), filed a company petition against M/s Sri Lakshmi Srinivasa Jute Mills Private Limited. The petition was initially admitted, and an Interim Resolution Professional (IRP) was appointed. However, no steps were taken to further the Corporate Insolvency Resolution Process (CIRP), and the Committee of Creditors (CoC) was not constituted. Subsequently, the Petitioner (Operational Creditor) and the Respondent (Corporate Debtor) reached an amicable settlement out of court and jointly filed a memo seeking withdrawal of the application. The court accepted the memo, considering it appropriate not to proceed with CIRP given the settlement.

Mr. Khetulal Pugalia, Karta of M/s Khetulal Pugalia and Sons (HUF), filed a company petition against M/s Sri Lakshmi Srinivasa Jute Mills Private Limited. The petition was initially admitted, and an Interim Resolution Professional (IRP) was appointed. However, no steps were taken to further the Corporate Insolvency Resolution Process (CIRP), and the Committee of Creditors (CoC) was not constituted. Subsequently, the Petitioner (Operational Creditor) and the Respondent (Corporate Debtor) reached an amicable settlement out of court and jointly filed a memo seeking withdrawal of the application. The court accepted the memo, considering it appropriate not to proceed with CIRP given the settlement.