Allowed
In the matter of Basandari Bottlers Pvt. Ltd. [Ia No.640-2023 in Cp (Ib) No.47-Chd-Chd-2021]
NCLTIA No.640-2023 in CP (IB) No.47-Chd-Chd-2021
Case brief
AI extract
What is this about?
The National Company Law Tribunal allowed an application by an operational creditor to withdraw an insolvency petition and the related Corporate Insolvency Resolution Process (CIRP) upon receipt of a settlement agreement, resulting in the discharge of the corporate debtor and restoration of the board of directors.
What did the court decide?
Withdrawal of petition under Section 9 and CIRP permitted; moratorium lifted; corporate debtor discharged; suspended board of directors restored.