Marine Geology Services LLP (Operational Creditor) filed a company petition (CP/3877/2019) against Geo Api Solutions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Before the formation of the Committee of Creditors (COC), the parties entered into consent terms dated 27.02.2024. The Operational Creditor then filed an application (IA/1373/2024) seeking to withdraw the company petition. The settlement involved the Corporate Debtor paying a settlement amount of USD One million within a specified timeframe. The Operational Creditor sought liberty to revive the CIRP process if the Corporate Debtor failed to meet the settlement terms. The admission order dated 5th February, 2024 was recalled.

Marine Geology Services LLP (Operational Creditor) filed a company petition (CP/3877/2019) against Geo Api Solutions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Before the formation of the Committee of Creditors (COC), the parties entered into consent terms dated 27.02.2024. The Operational Creditor then filed an application (IA/1373/2024) seeking to withdraw the company petition. The settlement involved the Corporate Debtor paying a settlement amount of USD One million within a specified timeframe. The Operational Creditor sought liberty to revive the CIRP process if the Corporate Debtor failed to meet the settlement terms. The admission order dated 5th February, 2024 was recalled.