Authority: National Company Law Tribunal (NCLT), Ahmedabad Bench - Court 2
Order Date: 08/06/2026
Case Overview
The proceedings were initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The applicant, Haresh Petrochem Private Limited, represented by its authorized signatory Davesh Ramniklal Vora, had filed an insolvency application (C.P.(IB)/90(AHM)2026) against the corporate debtor, Heranba Industries Limited. During the proceedings, the applicant's counsel sought permission to withdraw the application, stating that the matter had been settled between the parties. A withdrawal affidavit was filed, confirming that an amount of Rs. 2,78,14,552 had been settled and that only a part amount of Rs. 29,72,038 remained to be settled as per the agreement.
Final Outcome
The bench, comprising Member (Judicial) Mrs. Chitra Hankare and Member (Technical) Dr. Velamur G Venkata Chalapathy, granted permission for the withdrawal. Consequently, the insolvency application C.P.(IB)/90(AHM)2026 was disposed of as withdrawn.
Topics: Insolvency Settlement, Operational Debt, NCLT Proceedings