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Judgment
The work of the Tribunal has been closed due to Covid-19 pandemic as per letter dated 22.03.2020 and subsequent follow up orders of the Principal Bench, National Company Law Tribunal. The Principal Bench vide Notice dated 20.04.2020, had allowed hearing of the urgent matters by the respective Benches through Video Conference (VC).
Counsel Mr. S. B. Rao for the Applicant, Mr. Abdulla Qureshi for the Petitioner/Operational Creditor and Mr. Dikshat Mehra for the Respondent/Corporate Debtor are present on Video Conference (VC).
I.A. No. 1022/2020 is placed for hearing. It is submitted that the parties have settled the matter after the order of admission in CP/(IB)/798/(MB)/2019 was passed. Accordingly the present Application for withdrawal is filed. The Counsel for the Petitioner/Operational Creditor submits that the matter has been settled between the parties and the Operational Creditor has received the dues agreed upon. It is also submitted that the Committee of Creditors has not been constituted. The RP informed that he has received all his dues.
Considering the submissions and in view of Regulation 30A(1)(a) of IBBI (Resolution Process for Corporate Persons) Regulations, 2016 the Application (IA No. 1022/2020) is allowed. CP/(IB)/798/(MB)/2019 is accordingly dismissed as withdrawn under Regulation 30A (1) (a) of the Regulations read with section 12A of Insolvency and Bankruptcy Code. There would however be no order as to costs.