M/s Metal Trading Company, the operational creditor, initiated insolvency proceedings against M/s Deneb Automotives Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted. Subsequently, the parties reached a settlement agreement dated 06.10.2022. IA No. 1361/2022 was filed by the corporate debtor to place the settlement agreement on record. IA No. 1359/2022 was filed by the IRP for withdrawal of the petition, stating that the IRP fees and expenses had been paid and no CoC had been constituted. The settlement agreement is a key fact because it forms the basis for the withdrawal of the insolvency petition and the discharge of the corporate debtor.

M/s Metal Trading Company, the operational creditor, initiated insolvency proceedings against M/s Deneb Automotives Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted. Subsequently, the parties reached a settlement agreement dated 06.10.2022. IA No. 1361/2022 was filed by the corporate debtor to place the settlement agreement on record. IA No. 1359/2022 was filed by the IRP for withdrawal of the petition, stating that the IRP fees and expenses had been paid and no CoC had been constituted. The settlement agreement is a key fact because it forms the basis for the withdrawal of the insolvency petition and the discharge of the corporate debtor.