Canara Bank, the Applicant (Financial Creditor), initiated proceedings against TRN Energy Pvt. Ltd., the Respondent (Corporate Debtor), under Section 7 of the Insolvency and Bankruptcy Code (IBC). During the proceedings, the counsel for the Financial Creditor informed the court that a settlement had been reached with the Corporate Debtor. However, certain formalities related to the settlement were still outstanding. The court had previously recorded the aspect of settlement in its order dated 2024-11-29 and had granted the parties a final opportunity to file their application for withdrawal. Considering the interest of justice, the court decided to grant one last opportunity to the parties to submit their application for withdrawal.

Canara Bank, the Applicant (Financial Creditor), initiated proceedings against TRN Energy Pvt. Ltd., the Respondent (Corporate Debtor), under Section 7 of the Insolvency and Bankruptcy Code (IBC). During the proceedings, the counsel for the Financial Creditor informed the court that a settlement had been reached with the Corporate Debtor. However, certain formalities related to the settlement were still outstanding. The court had previously recorded the aspect of settlement in its order dated 2024-11-29 and had granted the parties a final opportunity to file their application for withdrawal. Considering the interest of justice, the court decided to grant one last opportunity to the parties to submit their application for withdrawal.