The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. Sankeshwar Packaging Private Limited, the operational creditor, initiated the insolvency proceedings against Vardhman Polytex Limited, the corporate debtor. The petitioner sought to withdraw the petition.
Sankeshwar Packaging Private Limited, acting as the operational creditor, initiated insolvency proceedings against Vardhman Polytex Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the petitioner's counsel stated that the debt had been settled between the parties. The petitioner then requested to withdraw the insolvency petition. The court considered this request in light of the reported settlement.
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Order permitting the…
The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. Sankeshwar Packaging Private Limited, the operational creditor, initiated the insolvency proceedings against Vardhman Polytex Limited, the corporate debtor. The petitioner sought to withdraw the petition.
Sankeshwar Packaging Private Limited, acting as the operational creditor, initiated insolvency proceedings against Vardhman Polytex Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the petitioner's counsel stated that the debt had been settled between the parties. The petitioner then requested to withdraw the insolvency petition. The court considered this request in light of the reported settlement.
Order permitting the…