The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Ram Charan Company Pvt Ltd, an operational creditor, against Stallion Tyres Ltd, the corporate debtor. The operational creditor sought initiation of the corporate insolvency resolution process (CIRP) against the corporate debtor. The petition was filed before the National Company Law Tribunal (NCLT), Hyderabad Bench.
Ram Charan Company Pvt Ltd, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Stallion Tyres Ltd, the corporate debtor, before the NCLT Hyderabad Bench. The operational creditor claimed that the corporate debtor had defaulted on payments. During the proceedings, the operational creditor filed a memo stating that they had received payment from the corporate debtor and that the claim had been settled. The CEO of the corporate debtor company was present during the hearing. The petition had not yet been admitted by the NCLT. The operational creditor sought to withdraw the petition based on the settlement.
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The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Ram Charan Company Pvt Ltd, an operational creditor, against Stallion Tyres Ltd, the corporate debtor. The operational creditor sought initiation of the corporate insolvency resolution process (CIRP) against the corporate debtor. The petition was filed before the National Company Law Tribunal (NCLT), Hyderabad Bench.
Ram Charan Company Pvt Ltd, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Stallion Tyres Ltd, the corporate debtor, before the NCLT Hyderabad Bench. The operational creditor claimed that the corporate debtor had defaulted on payments. During the proceedings, the operational creditor filed a memo stating that they had received payment from the corporate debtor and that the claim had been settled. The CEO of the corporate debtor company was present during the hearing. The petition had not yet been admitted by the NCLT. The operational creditor sought to withdraw the petition based on the settlement.
One of the h…
The final hearing was…