Indus Container Lines Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Two Way Container Lines Pvt. Ltd. under the Insolvency and Bankruptcy Code, 2016. An application, I.A. (IB) No. 790/KB/2020, was filed under Section 12A of the IBC seeking withdrawal of the CIRP based on a settlement between the parties. The Committee of Creditors (CoC) approved the resolution for withdrawal in its 2nd meeting held on 17/08/2020 with 100% voting share. The Resolution Professional's fees were stated to have been paid, with the Financial Creditor undertaking to clear any remaining dues. The court considered these facts and the CoC's approval before disposing of the application.

Indus Container Lines Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Two Way Container Lines Pvt. Ltd. under the Insolvency and Bankruptcy Code, 2016. An application, I.A. (IB) No. 790/KB/2020, was filed under Section 12A of the IBC seeking withdrawal of the CIRP based on a settlement between the parties. The Committee of Creditors (CoC) approved the resolution for withdrawal in its 2nd meeting held on 17/08/2020 with 100% voting share. The Resolution Professional's fees were stated to have been paid, with the Financial Creditor undertaking to clear any remaining dues. The court considered these facts and the CoC's approval before disposing of the application.