Shri Manish Kumar Jain Prop. R.K. Sales Agencies, the Operational Creditor, filed a Corporate Petition (CP No. (IB)-92/9/JPR/2020) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Virgo Buildestate Pvt. Ltd., the Corporate Debtor. During the proceedings, the parties reached a settlement, and a settlement agreement was filed with the NCLT. The Operational Creditor then sought to withdraw the CP, reserving the right to revive it if the Corporate Debtor breaches the settlement terms. The NCLT Jaipur Bench considered the settlement and granted permission for withdrawal, leading to the dismissal of the CP.

Shri Manish Kumar Jain Prop. R.K. Sales Agencies, the Operational Creditor, filed a Corporate Petition (CP No. (IB)-92/9/JPR/2020) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Virgo Buildestate Pvt. Ltd., the Corporate Debtor. During the proceedings, the parties reached a settlement, and a settlement agreement was filed with the NCLT. The Operational Creditor then sought to withdraw the CP, reserving the right to revive it if the Corporate Debtor breaches the settlement terms. The NCLT Jaipur Bench considered the settlement and granted permission for withdrawal, leading to the dismissal of the CP.