The case involves a Company Petition filed under the Insolvency and Bankruptcy Code, 2016. The petitioner sought to withdraw the petition based on a settlement agreement reached with the Corporate Debtor, Zee Entertainment Enterprises Limited.
The Indian Performing Right Society Limited filed a Company Petition against Zee Entertainment Enterprises Limited. A settlement agreement was reached between the parties, wherein Zee Entertainment Enterprises Limited, the Corporate Debtor, agreed to pay the amount due to the Operational Creditor, The Indian Performing Right Society Limited. Consequently, the petitioner sought to withdraw the Company Petition. The relevance of the settlement agreement is that it formed the basis for the withdrawal of the petition, indicating a resolution between the parties outside of formal insolvency proceedings.
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Order sheet of the…
The case involves a Company Petition filed under the Insolvency and Bankruptcy Code, 2016. The petitioner sought to withdraw the petition based on a settlement agreement reached with the Corporate Debtor, Zee Entertainment Enterprises Limited.
The Indian Performing Right Society Limited filed a Company Petition against Zee Entertainment Enterprises Limited. A settlement agreement was reached between the parties, wherein Zee Entertainment Enterprises Limited, the Corporate Debtor, agreed to pay the amount due to the Operational Creditor, The Indian Performing Right Society Limited. Consequently, the petitioner sought to withdraw the Company Petition. The relevance of the settlement agreement is that it formed the basis for the withdrawal of the petition, indicating a resolution between the parties outside of formal insolvency proceedings.
Order sheet of the…