Saptgiri Commodity Pvt. Ltd. (Financial Creditor) initiated insolvency proceedings against Prayag Polytech Pvt. Ltd. (Corporate Debtor) under Section 7 of the IBC, 2016. During the proceedings, a settlement agreement was reached between the parties. Prayag Polytech Pvt. Ltd. agreed to pay Rs. 25,00,000/- to Saptgiri Commodity Pvt. Ltd. The Corporate Debtor fulfilled its obligation by paying the entire amount. Consequently, Saptgiri Commodity Pvt. Ltd. acknowledged the receipt of the payment and requested the NCLT to withdraw the insolvency application. The NCLT considered the settlement and the payment made, and granted permission for the withdrawal of the application.

Saptgiri Commodity Pvt. Ltd. (Financial Creditor) initiated insolvency proceedings against Prayag Polytech Pvt. Ltd. (Corporate Debtor) under Section 7 of the IBC, 2016. During the proceedings, a settlement agreement was reached between the parties. Prayag Polytech Pvt. Ltd. agreed to pay Rs. 25,00,000/- to Saptgiri Commodity Pvt. Ltd. The Corporate Debtor fulfilled its obligation by paying the entire amount. Consequently, Saptgiri Commodity Pvt. Ltd. acknowledged the receipt of the payment and requested the NCLT to withdraw the insolvency application. The NCLT considered the settlement and the payment made, and granted permission for the withdrawal of the application.