Edelweiss Assets Reconstruction Company Ltd., the financial creditor, filed a petition against Om Hydropower Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the petitioner's counsel stated that the entire amount as per the One-Time Settlement (OTS) proposal had been received from the corporate debtor. Based on this, the petitioner sought permission to withdraw the petition. The court considered the statement and dismissed the petition as withdrawn. The Interim Application (IA) No.691/2022 was rendered infructuous and disposed of accordingly. The key fact is the receipt of the full OTS amount, leading to the withdrawal of the insolvency petition.

Edelweiss Assets Reconstruction Company Ltd., the financial creditor, filed a petition against Om Hydropower Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the petitioner's counsel stated that the entire amount as per the One-Time Settlement (OTS) proposal had been received from the corporate debtor. Based on this, the petitioner sought permission to withdraw the petition. The court considered the statement and dismissed the petition as withdrawn. The Interim Application (IA) No.691/2022 was rendered infructuous and disposed of accordingly. The key fact is the receipt of the full OTS amount, leading to the withdrawal of the insolvency petition.