NPT Packaging Ltd., the financial creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Limeswood Developers Pvt. Ltd., the corporate debtor. Subsequently, a settlement agreement was reached between the parties on 05.08.2023. The financial creditor, being the sole member of the Committee of Creditors (COC), approved the withdrawal of the CIRP. An application, IA No. 1892/2023, was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) to withdraw the CIRP based on this settlement. The court considered the agreement and the COC's approval, leading to the withdrawal of the CIRP, discharge of the corporate debtor, and lifting of the moratorium.

NPT Packaging Ltd., the financial creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Limeswood Developers Pvt. Ltd., the corporate debtor. Subsequently, a settlement agreement was reached between the parties on 05.08.2023. The financial creditor, being the sole member of the Committee of Creditors (COC), approved the withdrawal of the CIRP. An application, IA No. 1892/2023, was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) to withdraw the CIRP based on this settlement. The court considered the agreement and the COC's approval, leading to the withdrawal of the CIRP, discharge of the corporate debtor, and lifting of the moratorium.