The case involves an application (IA No. 1491/2023) filed by the Financial Creditor under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Company Petition. The Financial Creditor and the Corporate Debtor have entered into consent terms/settlement agreement.
The Financial Creditor filed an application (IA No. 1491/2023) seeking to withdraw the Company Petition under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor and the Corporate Debtor entered into a settlement agreement. As per the agreement, the Corporate Debtor agreed to pay Rs. 77,37,527/- to the Financial Creditor as full and final settlement of all disputes. This settlement led the court to consider the matter as resolved and allow the withdrawal of the Company Petition. The key fact is the settlement agreement, which prompted the Financial Creditor to seek withdrawal and the court to allow it.
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Order sheet of the…
The case involves an application (IA No. 1491/2023) filed by the Financial Creditor under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Company Petition. The Financial Creditor and the Corporate Debtor have entered into consent terms/settlement agreement.
The Financial Creditor filed an application (IA No. 1491/2023) seeking to withdraw the Company Petition under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor and the Corporate Debtor entered into a settlement agreement. As per the agreement, the Corporate Debtor agreed to pay Rs. 77,37,527/- to the Financial Creditor as full and final settlement of all disputes. This settlement led the court to consider the matter as resolved and allow the withdrawal of the Company Petition. The key fact is the settlement agreement, which prompted the Financial Creditor to seek withdrawal and the court to allow it.
Order sheet of the…