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Judgment
ORDER
IA-1729/2022 – This IA is filed by the Applicant/RP under section 12-A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30-A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for Withdrawal of the Section 9 Petition filed by the Operational Creditor.
The Counsel appearing for the CoC and Corporate Debtor are present and invited our attention towards the Settlement Agreement whereby the Corporate Debtor approached the Operational Creditor and they decided to amicably settle the matter and have agreed on terms for Withdrawal of the Company Petition for a sum of Rs. 45,00,000/- (Rupees Forty-five Lakhs) by way of Demand Draft as full and final settlement including the litigation charges.
Having considered the submissions of the Counsel appearing for the parties and on perusal of the averments made in the Application, this Bench is satisfied that the Withdrawal of the Petition can be allowed. Hence IA-1749/2022 is allowed and disposed of. Accordingly C.P.(IB)/2412/(MB)/2018 stands closed. File be consigned to records. The Company is out of the rigour of the litigation and RP is discharged.