M/s. G.K.S. Associates, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Akarshak Infrastructure Pvt. Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The basis for the petition was a default amounting to Rs. 23,52,149/-, which included both principal and interest. The case was initially listed for admission and was adjourned on multiple occasions. Subsequently, the parties reached a settlement, with the Corporate Debtor paying Rs. 20,00,000/- to the Operational Creditor. Both parties filed a joint memo to confirm the settlement. The Operational Creditor then sought to withdraw the CIRP application.

M/s. G.K.S. Associates, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Akarshak Infrastructure Pvt. Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The basis for the petition was a default amounting to Rs. 23,52,149/-, which included both principal and interest. The case was initially listed for admission and was adjourned on multiple occasions. Subsequently, the parties reached a settlement, with the Corporate Debtor paying Rs. 20,00,000/- to the Operational Creditor. Both parties filed a joint memo to confirm the settlement. The Operational Creditor then sought to withdraw the CIRP application.