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Judgment
IA 1808/2022
This is an application filed by the Financial Creditor i.e. Punjab National bank seeking withdrawal of the Company Petition bearing CP (IB) No 273/2022. The Counsel appearing for the Financial Creditor Submits that, the matter has been amicably settled out of the Court between the parties at an extended OTS proposal amounting Rs 36.20 crore along with the delayed period of interest. The settlement Memo has also been placed in the Application which is marked as Exhibit 2. Having considered the submissions of the Learned Counsel appearing for the Financial Creditor and also noting the appearance of the counsel appearing for the Corporate Debtor. Both the Counsels stated in view of the settlement that, nothing remains to be paid from the side of the Corporate Debtor. In that view of the matter, the Application bearing IA 1808/2022 is liable to be allowed and the same is allowed thereby allowing the Applicant to withdraw the main Company Petition. Resultantly, the main Company Petition bearing CP (IB) No 273/2020 stands closed.