The case involves an application for withdrawal of a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor sought to withdraw the application with the liberty to revive it, supported by affidavits, based on a settlement. The Tribunal considered the application and the submissions made by the Counsel for the Financial Creditor.
M/s. Astro Jewels Pvt. Ltd. filed a petition against M/s. Micro Enterprises Pvt. Ltd. under Section 7 of the IBC, 2016. The Financial Creditor, Astro Jewels, subsequently filed an application under Section 60(5) of the IBC, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking to withdraw the petition. The Financial Creditor requested the liberty to revive the application if the Respondent failed to adhere to the terms of the settlement. The Tribunal considered the application and the submissions made by the Counsel for the Financial Creditor.
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Order delive…
The case involves an application for withdrawal of a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor sought to withdraw the application with the liberty to revive it, supported by affidavits, based on a settlement. The Tribunal considered the application and the submissions made by the Counsel for the Financial Creditor.
M/s. Astro Jewels Pvt. Ltd. filed a petition against M/s. Micro Enterprises Pvt. Ltd. under Section 7 of the IBC, 2016. The Financial Creditor, Astro Jewels, subsequently filed an application under Section 60(5) of the IBC, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking to withdraw the petition. The Financial Creditor requested the liberty to revive the application if the Respondent failed to adhere to the terms of the settlement. The Tribunal considered the application and the submissions made by the Counsel for the Financial Creditor.
Order delive…