Borouge Pte Ltd. initiated a corporate insolvency resolution process against M/s Aksh Optifibre Ltd. under Section 9 of the IBC, 2016, by filing CP No. (IB)-59/9/JPR/2021. During the proceedings, both parties, represented by their respective counsels, informed the court that they had reached an amicable settlement and executed a settlement agreement. Consequently, the Operational Creditor sought to withdraw the petition. The relevance of the settlement agreement is that it formed the basis for the withdrawal of the insolvency petition, indicating a resolution of the dispute between the parties outside of the formal insolvency process.

Borouge Pte Ltd. initiated a corporate insolvency resolution process against M/s Aksh Optifibre Ltd. under Section 9 of the IBC, 2016, by filing CP No. (IB)-59/9/JPR/2021. During the proceedings, both parties, represented by their respective counsels, informed the court that they had reached an amicable settlement and executed a settlement agreement. Consequently, the Operational Creditor sought to withdraw the petition. The relevance of the settlement agreement is that it formed the basis for the withdrawal of the insolvency petition, indicating a resolution of the dispute between the parties outside of the formal insolvency process.