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Judgment
O R D E R
This is a Petition filed under section 9 of Insolvency & Bankruptcy Code, 2016 (hereinafter as I&B Code) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter as Rules) by INGERSOLL RAND CLIMATE SOLUTIONS PRIVATE LIMITED (hereinafter as ‘Operational Creditor/Petitioner’) against NEO COCHIN INFRASTRUCTURE SERVICES PRIVATE LIMITED AND ANOTHER (hereinafter as ‘Corporate Debtor/Respondent’).
On 16.04.2020, the operational creditor submitted an IA in IBA/15/KOB/2020 stating that the Corporate Debtor had proposed a settlement by agreeing to pay off the principal amount. Thus, the Operational Creditor agreed to settle the matter for the principal amount of ₹4,31,000/-. The Corporate Debtor undertakes to credit a sum of ₹2,00,000/- by way of a cheque bearing No.023110 dated. 23.03.2020 drawn upon the ICICI Bank, Kaloor Branch and further undertakes to pay the remaining amount in two instalments by way of post-dated cheques for an amount of Rs. 1,15,000/- and Rs.1,15,100/- vide cheque No. 023113 dated 23.04.2020 and cheque No. 023114 dated 23.05.2020 respectively. Hence, they prayed for withdrawal of the IBA No.15/KOB/2020.
We have considered the withdrawal memo filed by the Operational Creditor. In view of the settlement of the matter between the parties by payment of ₹ 4,31,000/- through post-dated cheques, we dispose of the IBA No.15/KOB/2020 as withdrawn. No order as to costs.