Bank of Baroda filed an insolvency petition (CP No. IB-806/ND/2021) against Upal Buildtech Pvt. Ltd. under Section 7 of the IBC. An order was passed by the Tribunal on 2023-01-30. This order was challenged before the NCLAT. Subsequently, the parties reached a settlement. A joint application (IA/1207/2023) was filed seeking withdrawal of the petition. The NCLAT acknowledged the settlement in its order dated 2023-02-20. The Tribunal considered the submissions and allowed the withdrawal of the petition, leading to the closure of the CIR process and the discharge of the IRP. The key fact is the settlement between the parties, which formed the basis for the withdrawal of the insolvency petition.

Bank of Baroda filed an insolvency petition (CP No. IB-806/ND/2021) against Upal Buildtech Pvt. Ltd. under Section 7 of the IBC. An order was passed by the Tribunal on 2023-01-30. This order was challenged before the NCLAT. Subsequently, the parties reached a settlement. A joint application (IA/1207/2023) was filed seeking withdrawal of the petition. The NCLAT acknowledged the settlement in its order dated 2023-02-20. The Tribunal considered the submissions and allowed the withdrawal of the petition, leading to the closure of the CIR process and the discharge of the IRP. The key fact is the settlement between the parties, which formed the basis for the withdrawal of the insolvency petition.