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Judgment
5 paragraphs · 206 wordsIA/5160/2021
This is an application filed under Rule 11 of NCLT Rules along with the affidavit. The application has the copy of the settlement agreement dated September 8, 2021 as Annuxure A and copy of the addendum to the settlement agreement dated 8th September, 2021 as Annexure B.
The counsel for the Financial Creditor has submitted that his client intends to withdraw the company petition bearing CP No. 553/ND/2021 with a liberty to restore the same in case if the Corporate Debtor fails to adhere to the settlement agreement dated 8th September, 2021 read with the addendum to the settlement agreement dated 8th September, 2021.11.24
Having heard the submissions made by the counsel for the Financial Creditor as well as Corporate Debtor, the present petition filed under Section 7 bearing matter no. IB-553/ND/2021 stands dismissed as withdrawn with liberty to restore the same in the event of failure of any of the terms and conditions of the settlement agreement dated 8th September, 2021 read with the addendum to the settlement agreement dated 8th September, 2021. The matter is dismissed as withdrawn in terms of Rule 8 of IB (Application To Adjudicating Authority) Rules, 2016.
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