Velji Doshabhai & Sons Pvt Ltd initiated insolvency proceedings against Taneja Iron & Steel Co Ltd. The Interim Resolution Professional (IRP) filed IA 65 of 2022 seeking withdrawal of the main matter CP(IB) 653 of 2019. The IRP submitted that the Committee of Creditors (CoC) was not formed and that the parties had settled the dispute. The application for withdrawal was based on the settlement between the original operational creditor and the original corporate debtor. The court heard the IRP and granted permission to withdraw the main matter, releasing the corporate debtor from the rigours of the CIRP. This settlement is the key fact that led to the withdrawal of the insolvency proceedings.

Velji Doshabhai & Sons Pvt Ltd initiated insolvency proceedings against Taneja Iron & Steel Co Ltd. The Interim Resolution Professional (IRP) filed IA 65 of 2022 seeking withdrawal of the main matter CP(IB) 653 of 2019. The IRP submitted that the Committee of Creditors (CoC) was not formed and that the parties had settled the dispute. The application for withdrawal was based on the settlement between the original operational creditor and the original corporate debtor. The court heard the IRP and granted permission to withdraw the main matter, releasing the corporate debtor from the rigours of the CIRP. This settlement is the key fact that led to the withdrawal of the insolvency proceedings.