NSL Krishnaveni Sugars Ltd, the Operational Creditor, initiated CIRP against Trident Sugars Limited, the Corporate Debtor. The CIRP was initiated under CP (IB) No. 331/9/HDB/2020. An order was passed on 08.07.2022 placing the Corporate Debtor under CIRP. Subsequently, the Corporate Debtor and the Operational Creditor reached a settlement, documented in a joint memo dated 11.07.2022. The IRP filed IA 666/2022 under Section 12-A of the IBC, informing the court about the settlement and the payment of costs. The IRP also submitted Form-FA. Counsels for both sides and the IRP were present before the Tribunal. The key fact is the settlement, which led to the withdrawal of the CIRP.

NSL Krishnaveni Sugars Ltd, the Operational Creditor, initiated CIRP against Trident Sugars Limited, the Corporate Debtor. The CIRP was initiated under CP (IB) No. 331/9/HDB/2020. An order was passed on 08.07.2022 placing the Corporate Debtor under CIRP. Subsequently, the Corporate Debtor and the Operational Creditor reached a settlement, documented in a joint memo dated 11.07.2022. The IRP filed IA 666/2022 under Section 12-A of the IBC, informing the court about the settlement and the payment of costs. The IRP also submitted Form-FA. Counsels for both sides and the IRP were present before the Tribunal. The key fact is the settlement, which led to the withdrawal of the CIRP.