Agx Retail Solutions Private Limited vs Weworklndia Management Private Limited

Rajeswara Rao Vittanala, J

C.P.(IB) No. 138/BB/2020 is filed by M/s. AGX Retail Solutions Private Limited (hereinafter referred to as 'Applicant/Operational Creditor') U/s 9 of the IBC, 2016, R/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process in respect of M/s.Wework India Management Private Limited (hereinafter referred to as 'Respondent/Corporate Debtor') on the ground that it has committed default for a total amount of Rs. 12,39,953/-(Rupees Twelve Lakhs Thirty Nine Thousand Nine Hundred and Fifty Three only.

Heard Ms. Lakshmi Menon, learned Counsel for the Applicant/Petitioner, through video Conference. We have carefully perused the pleadings of the Party and extant provisions of the Code and the Rules made thereunder.

Ms. Lakshmi Menon, learned Counsel for the Petitioner submits that on receipt of the instant application sent by the Petitioner, the Respondent had approached the Petitioner with a proposal to make the payments due to the Petitioner, and thus prayed to allow the Petitioner to withdraw the instant Company Petition. In support of the same, she also has filed a Memo for Withdrawal dated 04.07.2020 (which is taken on record), which reads as under:

"The Operational Creditor/Petitioners had filed the above Company Petition against the Respondent before this Hon'ble Tribunal under Section 9 of the Insolvency and Bankruptcy Code, 2016.

During the course of proceedings, the Operational Creditor/Petitioner entered into a settlement with the Respondent and the issues have been amicably settled between the two parties with payment of amounts mutually agreed and as consequence, the Operational Creditor/Petitioner wishes to withdraw the present Petition. The Letter of Settlement signed by both the parties dated 24.06.2020 is also produced.

The Operational Creditor/Petitioner therefore prays this Hon'ble Bench to take on record this Memo and permit the Operational Creditor/Petitioner to withdraw the Company Petition, in terms of the Settlement.

WHEREFORE, in light of the above, it is humbly prayed that this Hon'ble Tribunal may be pleased to dispose of the Petition as withdrawn, in light of the terms of the Settlement Agreement"

Since the Company Petition is not yet admitted and the Applicant has stated that the above matter is being settled between them, we are inclined to permit the Petitioner to withdraw the instant Company Petition.

In light of the above, C.P. (IB) No. 138/BB/2020 is hereby disposed of as withdrawn by directing the Respondent to implement the terms as contained in Letter of Settlement dated 24.06.2020 without fail. No order as to costs.