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Judgment
This is an application under Rule 11 of NCLT filed by the Applicant seeking withdrawal of the main Company petition being CP IB No. 795/ND/2020 in terms of the settlement between the Petitioner and Corporate Debtor along with affidavit in support.
Heard the submissions made by the Proxy Counsel for the Applicant. In para 6 of the application the Applicant has submitted that the entire payment of the outstanding amount due to the Applicant has been paid by the Corporate Debtor in the matter and the matter is settled amicably between the parties. The application is allowed in terms of Rule 8 of IB (Application to Adjudicating Authority) Rules 2016. The case folders and connected papers may be sent to the record room.