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Judgment
4 paragraphs · 157 wordsNew IA-4470/2021:-
This is an application filed by the Operational Creditor under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking withdrawal of the application/petition under Section 9 of the IBC, 2016 along with supporting affidavit.
Heard the submissions made by the Counsel for the Operational Creditor. Counsel for the Operational Creditor has prayed for leave of the Tribunal to withdraw the Company Petition No.IB-145/ND/2020 in view of the settlement agreement dated 27.09.2021 with liberty to reserve the rights of revival of the said application filed on the same cause of action in case the Corporate Debtor fails to honour the post-dates cheques as per settlement agreement.
In the terms of the above, the present application is allowed and the Company Petition No.-IB-145/ND/2020 stands dismissed as withdrawn in terms of Rule 8 of IB (Application to Adjudicating Authority) Rules, 2016. The case folders and papers may be consigned to the record room.