The Corporate Insolvency Resolution Process (CIRP) was initiated against BLS Polymers Ltd, with the case being admitted on 2019-12-20. Mr. Umesh H. Ved was appointed as the Interim Resolution Professional (IRP), who also made a public announcement on 2020-01-02. Subsequently, on 2020-01-04, the involved parties reached a mutual settlement. An application was then filed under Section 12A r.w 30A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the CIRP. The Operational Creditor confirmed receiving the due amount from the Respondent. The Committee of Creditors (COC) had not yet been constituted at the time of the settlement. The relevance of these facts lies in the court's decision to allow the withdrawal of the CIRP based on the settlement and the stage

The Corporate Insolvency Resolution Process (CIRP) was initiated against BLS Polymers Ltd, with the case being admitted on 2019-12-20. Mr. Umesh H. Ved was appointed as the Interim Resolution Professional (IRP), who also made a public announcement on 2020-01-02. Subsequently, on 2020-01-04, the involved parties reached a mutual settlement. An application was then filed under Section 12A r.w 30A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the CIRP. The Operational Creditor confirmed receiving the due amount from the Respondent. The Committee of Creditors (COC) had not yet been constituted at the time of the settlement. The relevance of these facts lies in the court's decision to allow the withdrawal of the CIRP based on the settlement and the stage