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Judgment
ORDER
Ld. Counsel for the parties are present. It is represented that pursuant to the Order passed by this Tribunal on 25.11.2019 in respect of One Time Settlement (OTS) as the proposal is pending before the bank for consideration. Even though time was sought for the same reason again, this Tribunal directed the Ld. Counsel for the Petitioner to obtain instruction from the banker based on the consideration of OTS proposal which was submitted by the Corporate Debtor which is pending before the banker whether it is withdrawing or wants to proceed as this Tribunal is inclined to proceed with the matter failing which the Petitioner to report for withdrawal of the Petition. The Ld. Counsel for the Petitioner upon instruction seeks to withdraw the Petition with liberty to be granted in case of failure of approval of the OTS proposal by the banker or default of the OTS proposal.
The Ld. Counsel for the Petitioner also brings to the notice of this Tribunal that at the time of filing of OTS a sum of Rs.50 lakh was also deposited by way of a demand draft, for the consideration of the OTS proposal by the Petitioner Bank the same being a pre-condition.
Taking into consideration the said representation as well as Rule 8 of I&B (AAA), Rules, 2016, this Petition stands dismissed as withdrawn. File to records. However, the Petitioner is given liberty to approach this Tribunal afresh as sought for.