Bank of Baroda filed a 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 took note of the settlement in its order dated 2023-02-20. The parties sought to withdraw the petition under Section 12A read with Regulation 30A. The Adjudicating Authority had granted liberty to the parties to move an appropriate application. The Tribunal considered the submissions of the parties and allowed the withdrawal of the petition, leading to the closure of the CIRP and the discharge of the IRP.

Bank of Baroda filed a 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 took note of the settlement in its order dated 2023-02-20. The parties sought to withdraw the petition under Section 12A read with Regulation 30A. The Adjudicating Authority had granted liberty to the parties to move an appropriate application. The Tribunal considered the submissions of the parties and allowed the withdrawal of the petition, leading to the closure of the CIRP and the discharge of the IRP.