Volkswagen Finance Pvt. Ltd. initiated insolvency proceedings against Ten Travels Pvt. Ltd. under Section 7 of the IBC. An Interim Resolution Professional (IRP) was appointed. Before the constitution of a Committee of Creditors (CoC), the parties reached a settlement. The IRP received Form FA from the financial creditor, confirming the settlement. The IRP also received his fees and expenses incurred during the CIRP. An application (IA-2983/2020) was filed under Section 12A of the IBC to withdraw the main petition (IB-2085/ND/2019). The financial creditor and the corporate debtor supported the withdrawal application. The key fact is the settlement between the parties before the CoC formation, leading to the withdrawal application.

Volkswagen Finance Pvt. Ltd. initiated insolvency proceedings against Ten Travels Pvt. Ltd. under Section 7 of the IBC. An Interim Resolution Professional (IRP) was appointed. Before the constitution of a Committee of Creditors (CoC), the parties reached a settlement. The IRP received Form FA from the financial creditor, confirming the settlement. The IRP also received his fees and expenses incurred during the CIRP. An application (IA-2983/2020) was filed under Section 12A of the IBC to withdraw the main petition (IB-2085/ND/2019). The financial creditor and the corporate debtor supported the withdrawal application. The key fact is the settlement between the parties before the CoC formation, leading to the withdrawal application.