Authority: National Company Law Tribunal (NCLT), Ahmedabad Bench - Court 2
Order Date: 16/06/2026
Case Overview
The proceedings involved an insolvency petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The operational creditor, Voyager Trading Partners LLC, was the applicant, and the corporate debtor was Siyaram Recycling Industries Limited, the respondent. The matter was listed before a bench comprising Mrs. Chitra Hankare (Member Judicial) and Dr. Velamur G Venkata Chalapathy (Member Technical). During the proceedings, the learned counsel for the applicant, Mr. Vinay Bairagra, appeared and submitted a withdrawal application ('purshish') informing the bench that the matter had been settled between the parties. The submitted settlement involved the respondent settling the operational debt for a total amount of ₹2.25 Crores.
Final Outcome
The NCLT bench granted permission for the withdrawal of the petition. Consequently, the petition registered as C.P.(IB)/452(AHM)2025 was allowed and disposed of as withdrawn.
Topics: Insolvency, Debt Settlement