The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on September 6, 2022. Subsequently, the Operational Creditor and the Corporate Debtor reached a settlement on September 21, 2022, before the constitution of the Committee of Creditors (CoC). An application (IA(IBC)1104/KB/2022) was filed for the withdrawal of the CIRP under Regulation 30A. The application was supported by an affidavit from the Interim Resolution Professional (IRP). No IRP costs were pending, and no documents were taken over by the IRP from the suspended directors. The settlement was reached before the CoC was constituted.

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on September 6, 2022. Subsequently, the Operational Creditor and the Corporate Debtor reached a settlement on September 21, 2022, before the constitution of the Committee of Creditors (CoC). An application (IA(IBC)1104/KB/2022) was filed for the withdrawal of the CIRP under Regulation 30A. The application was supported by an affidavit from the Interim Resolution Professional (IRP). No IRP costs were pending, and no documents were taken over by the IRP from the suspended directors. The settlement was reached before the CoC was constituted.