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Judgment
The above application No. 932/2020 is filed U/sec. 12 (A) of IBC for withdrawal of the Company Petition in view of the consent terms entered into between the parties before constituting CoC by the IRP. The counsel appearing for the Operational Creditor submitted that the C.D. could not pay the settlement amount as per the earlier consent terms due to the genuine financial difficulties on account of the lockdown and considering the practical difficulty of the C.D, both parties again en
into 2ndRevised Joint Memo of Settlement Extending the time for payment till 30.05.2021. The said Revised Joint Memo of Settlement is taken on record and accordingly the I.A. No. 932/2020 stands disposed of as withdrawn with respect to the earlier admission order passed in the this Company Petition. Since both the parties have entered in to settlement, no fruitful purpose will be served to keep the above company petition bearing no 3057(MB)2018, pending. Accordingly the same is also disposed of by taking the 2ndRevised Joint Memo of Settlement on recorded.