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Judgment
Learned Counsel for Petitioner Mr. Pradheep and A.R. for Corporate Debtor Mr. M. Rathinakumar are present through video conferencing platform.
It is represented by Learned Counsel for Petitioner that a Memorandum of Compromise has been jointly filed by the parties dated 17.03.2021 and as per the terms of the Memorandum of Settlement the first payment was required to be made on or before 29.03.2021 to which Learned Counsel for Petitioner represents that the same has been duly received and in the circumstances, since the balance payments are extending up to April 2022, taking into consideration the final paragraph of the Memorandum of Compromise for in case of any default on the part of the Corporate Debtor to adhere to the terms of Compromise liberty to be granted to the Financial Creditor to proceed in IBA/1452/2019 may be reserved.
Taking into consideration the said representation, this Petition stands dismissed as withdrawn and liberty as sought for is granted.