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Judgment
Heard learned counsel for the Appellant as well as learned counsel appearing for the Respondent. This Appeal has been filed against the order dated 07.06.2022 by which order the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court IV has allowed I.A. No. 2632/2022 where liberty was sought to withdraw the petition. The Appellant is an Operational Creditor. In view of settlement between the Operational Creditor and the Corporate Debtor, the applicant was permitted to withdraw the petition. The Adjudicating Authority, however, refused to grant liberty to revive the application in event settlement is not honoured by the Corporate Debtor. Aggrieved by that part of the order, this Appeal has been filed.
Learned counsel for the Respondent submits that the Respondent, who has already entered into settlement, has all intentions to honour the settlement. He further submits that the Respondent is already making payments as agreed.
We are of the view that in view of the fact that application was withdrawn on settlement, the Adjudicating Authority ought to have granted liberty to revive the application if any such eventuality arises. We, thus, modify the order dated 07.06.2022 to the effect that there shall be liberty to the Appellant to revive the petition if any such eventuality arises. With above modification, the Appeal is partly allowed.