In the matter of Prayag Polytech Pvt. Ltd. Ia No. 226-JPR-2022 in Cp No. (Ib)- 59-7-JPR-2020
Case brief
What is this about?
The Tribunal permitted the withdrawal of the corporate insolvency resolution process petition under Section 7 of the IBC, 2016, based on a settlement agreement signed between the financial creditor and the corporate debtor through their respective representatives.
What did the court decide?
Application for withdrawal of CP No. (IB)-59t7/JpR/2020 allowed; process dismissed as withdrawn.