The key facts are as follows: Meru Chem Private Limited initiated insolvency proceedings against Maharashtra Bio Fertilisers (India) Private Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016. Ms. Riddhi Wagle, Advocate i/b Mr. Vishal Shriya, appeared for the Petitioner. The Financial Creditor's counsel submitted that the debt has been settled, and consent terms dated 25.02.2024 have been executed and placed on record by the Corporate Debtor's counsel. As a result of the settlement, the tribunal dismissed the case C.P.(IB)/762/2023 as withdrawn. Any pending IAs/MAs were deemed infructuous. The relevance of the settlement is that it resolves the insolvency proceedings without further adjudication by the tribunal.

The key facts are as follows: Meru Chem Private Limited initiated insolvency proceedings against Maharashtra Bio Fertilisers (India) Private Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016. Ms. Riddhi Wagle, Advocate i/b Mr. Vishal Shriya, appeared for the Petitioner. The Financial Creditor's counsel submitted that the debt has been settled, and consent terms dated 25.02.2024 have been executed and placed on record by the Corporate Debtor's counsel. As a result of the settlement, the tribunal dismissed the case C.P.(IB)/762/2023 as withdrawn. Any pending IAs/MAs were deemed infructuous. The relevance of the settlement is that it resolves the insolvency proceedings without further adjudication by the tribunal.