The case involves a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Mr. Baheti & Sons against Transons Overseas (India) (P) Ltd. before the National Company Law Tribunal (NCLT), Jaipur. The applicant sought initiation of corporate insolvency resolution process against the respondent.
Mr. Baheti & Sons filed a petition against Transons Overseas (India) (P) Ltd. under Section 9 of the IBC, 2016. Subsequently, the parties reached a settlement, evidenced by a Memorandum of Understanding (MOU) dated 2019-07-29. Based on this settlement, the applicant sought to withdraw the petition. The court noted the consent terms and the request from both the petitioner and the respondent to withdraw the Company Petition No. 73/9/JPR/2019. The relevance of the settlement is that it provided the basis for the withdrawal of the insolvency petition, indicating a resolution between the parties outside of the formal insolvency process.
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The case involves a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Mr. Baheti & Sons against Transons Overseas (India) (P) Ltd. before the National Company Law Tribunal (NCLT), Jaipur. The applicant sought initiation of corporate insolvency resolution process against the respondent.
Mr. Baheti & Sons filed a petition against Transons Overseas (India) (P) Ltd. under Section 9 of the IBC, 2016. Subsequently, the parties reached a settlement, evidenced by a Memorandum of Understanding (MOU) dated 2019-07-29. Based on this settlement, the applicant sought to withdraw the petition. The court noted the consent terms and the request from both the petitioner and the respondent to withdraw the Company Petition No. 73/9/JPR/2019. The relevance of the settlement is that it provided the basis for the withdrawal of the insolvency petition, indicating a resolution between the parties outside of the formal insolvency process.
The parties entered…
Order delivered by the…