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Judgment
This Appeal has been filed against the order dated 01.10.2021 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Bench-VI in I.A No.1312/(ND)/2021 in CP (IB)-3059/(ND)/2019. I.A was filed by the Corporate Debtor stating that the Application under Section 7 of the IBC filed by the Bank be rejected as it is barred by time. The Adjudicating Authority allowed the Application and dismissed the Section 7 Application. Aggrieved by the said order, Canara Bank erstwhile Syndicate Bank has come up in this Appeal.
Learned Counsel appearing for the Corporate Debtor submitted that during pendency of this Appeal, OTS proposal was submitted to the Bank by the Corporate Debtor through ex-management which has already been accepted.
Learned Counsel for the Bank also submits that the OTS proposal has already been accepted.
Learned Counsel for the Appellant prays that the Appellant be permitted to withdraw this Appeal in view of the acceptance of the OTS. He, however, submits that in event, the OTS is breached by the ex-management, the Bank shall be at liberty to take such appropriate measures as permissible under law.
The Appeal is withdrawn with liberty aforesaid.