Canara Bank Limited, the Financial Creditor, filed a Company Petition against Ashvi Developers Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The parties reached a settlement under an OTS scheme. Consequently, the Financial Creditor sought permission to withdraw the Company Petition. The Financial Creditor also requested the liberty to revive the petition if the Corporate Debtor defaults on the OTS payments scheduled for October and November. The court considered these facts before disposing of the petition.

Canara Bank Limited, the Financial Creditor, filed a Company Petition against Ashvi Developers Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The parties reached a settlement under an OTS scheme. Consequently, the Financial Creditor sought permission to withdraw the Company Petition. The Financial Creditor also requested the liberty to revive the petition if the Corporate Debtor defaults on the OTS payments scheduled for October and November. The court considered these facts before disposing of the petition.