The State Bank of India initiated a Corporate Insolvency Resolution Process (CIRP) against Asip Pvt Ltd. Subsequently, an application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30 A of the Insolvency and Bankruptcy Board of India, seeking to withdraw the CIRP. The applicant, presumably the State Bank of India, submitted Form FA, indicating that a compromise had been reached between the financial creditor (State Bank of India) and the corporate debtor (Asip Pvt Ltd). The CIRP was initiated under Section 7 of IBC. The court then disposed of the application and the original company petition.

The State Bank of India initiated a Corporate Insolvency Resolution Process (CIRP) against Asip Pvt Ltd. Subsequently, an application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30 A of the Insolvency and Bankruptcy Board of India, seeking to withdraw the CIRP. The applicant, presumably the State Bank of India, submitted Form FA, indicating that a compromise had been reached between the financial creditor (State Bank of India) and the corporate debtor (Asip Pvt Ltd). The CIRP was initiated under Section 7 of IBC. The court then disposed of the application and the original company petition.