The Interim Resolution Professional (IRP) filed an application (IA/2844/2023) seeking permission to withdraw the company petition bearing IB-777/ND/2022. The reason for seeking withdrawal is that the parties involved, M/s. Chants Events and Promotions Pvt. Ltd. (Petitioner/Operational Creditor) and M/s. Color Palette Pvt. Ltd. (Respondent/Corporate Debtor), have settled the matter. A settlement agreement was reached between the parties on 2023-04-28. The court heard submissions from the counsel for the Resolution Professional (RP) and the counsel for the Operational Creditor. The key fact is the settlement agreement, which led to the IRP's application for withdrawal and the subsequent dismissal of the company petition.

The Interim Resolution Professional (IRP) filed an application (IA/2844/2023) seeking permission to withdraw the company petition bearing IB-777/ND/2022. The reason for seeking withdrawal is that the parties involved, M/s. Chants Events and Promotions Pvt. Ltd. (Petitioner/Operational Creditor) and M/s. Color Palette Pvt. Ltd. (Respondent/Corporate Debtor), have settled the matter. A settlement agreement was reached between the parties on 2023-04-28. The court heard submissions from the counsel for the Resolution Professional (RP) and the counsel for the Operational Creditor. The key fact is the settlement agreement, which led to the IRP's application for withdrawal and the subsequent dismissal of the company petition.