Victoria Glass Works Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Wearit Global Ltd. under Section 7 of the IBC. The Corporate Debtor was admitted into CIRP, but the Committee of Creditors (CoC) was yet to be formed. Subsequently, CA(IB)No.1443/KB/2019 was filed by the Interim Resolution Professional (IRP) under Rule 11 of NCLT Rules for withdrawal of the CP as the matter was settled between the parties. The key fact is the settlement between the parties after the initiation of CIRP but before the formation of the CoC, leading to the application for withdrawal.

Victoria Glass Works Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Wearit Global Ltd. under Section 7 of the IBC. The Corporate Debtor was admitted into CIRP, but the Committee of Creditors (CoC) was yet to be formed. Subsequently, CA(IB)No.1443/KB/2019 was filed by the Interim Resolution Professional (IRP) under Rule 11 of NCLT Rules for withdrawal of the CP as the matter was settled between the parties. The key fact is the settlement between the parties after the initiation of CIRP but before the formation of the CoC, leading to the application for withdrawal.