ICICI Bank Ltd. initiated proceedings against M/s. Supertech Township Pvt. Ltd. under Section 7 of the IBC Code, 2016. During the proceedings, a settlement was reached between the parties. As a result of the settlement, ICICI Bank Ltd. filed an application to withdraw the petition, seeking permission to revive the petition if M/s. Supertech Township Pvt. Ltd. defaults on the agreed terms. The court considered the submissions from both parties and the contents of the application and its annexures. The court permitted the withdrawal of the petition but did not grant the liberty to revive the same petition. Instead, the court stated that the Financial Creditor may file a fresh petition in case of default by the Corporate Debtor.

ICICI Bank Ltd. initiated proceedings against M/s. Supertech Township Pvt. Ltd. under Section 7 of the IBC Code, 2016. During the proceedings, a settlement was reached between the parties. As a result of the settlement, ICICI Bank Ltd. filed an application to withdraw the petition, seeking permission to revive the petition if M/s. Supertech Township Pvt. Ltd. defaults on the agreed terms. The court considered the submissions from both parties and the contents of the application and its annexures. The court permitted the withdrawal of the petition but did not grant the liberty to revive the same petition. Instead, the court stated that the Financial Creditor may file a fresh petition in case of default by the Corporate Debtor.