M/s. Gayathri Cotton Pressing Mills Private Limited, through Mr. Kantipudi Venkata Raju (the Interim Resolution Professional for M/s. Sri Srinivasa Spin Tex (India) Limited), filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Srinivasa Spin Tex (India) Limited. The CIRP application was admitted by the Tribunal. Subsequently, an application (I.A No.182/2022) was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the CIRP application due to a settlement between the parties. The IRP confirmed the receipt of complete fees and filed Form-FA. The key fact is the settlement between the parties, which forms the basis for the withdrawal application.

M/s. Gayathri Cotton Pressing Mills Private Limited, through Mr. Kantipudi Venkata Raju (the Interim Resolution Professional for M/s. Sri Srinivasa Spin Tex (India) Limited), filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Srinivasa Spin Tex (India) Limited. The CIRP application was admitted by the Tribunal. Subsequently, an application (I.A No.182/2022) was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the CIRP application due to a settlement between the parties. The IRP confirmed the receipt of complete fees and filed Form-FA. The key fact is the settlement between the parties, which forms the basis for the withdrawal application.