ASREC (India) Limited, the Financial Creditor, initiated a Company Petition against ECI Engineering and Construction Company Ltd, the Corporate Debtor, under Section 7 of the IBC, 2016. Subsequently, both parties entered into a settlement agreement, formalized through an OTS dated 14.07.2023. A joint memo, signed by both the Financial Creditor and the Corporate Debtor on 05.08.2023, was submitted to the court, reporting the settlement. The joint memo indicated that the parties had reached a compromise, rendering further adjudication of the Company Petition unnecessary. The court, after reviewing the joint memo, disposed of the Company Petition, while granting the Financial Creditor the liberty to approach the Tribunal in case of default by the Corporate Debtor in

ASREC (India) Limited, the Financial Creditor, initiated a Company Petition against ECI Engineering and Construction Company Ltd, the Corporate Debtor, under Section 7 of the IBC, 2016. Subsequently, both parties entered into a settlement agreement, formalized through an OTS dated 14.07.2023. A joint memo, signed by both the Financial Creditor and the Corporate Debtor on 05.08.2023, was submitted to the court, reporting the settlement. The joint memo indicated that the parties had reached a compromise, rendering further adjudication of the Company Petition unnecessary. The court, after reviewing the joint memo, disposed of the Company Petition, while granting the Financial Creditor the liberty to approach the Tribunal in case of default by the Corporate Debtor in