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Judgment
Counsel for both the sides are present. Memo of settlement is filed. A Demand Draft for Rs.6,50,000/- (Rupees six lac and fifty thousand only) is handed over to the counsel for the petitioner towards full and final settlement of the matter. Orders during the course of the day.
Per: HON'BLE JANAB MOHAMMED AJMAL, MEMBER (JUDICIAL)
This is an application by Operational Creditor seeking initiation of the Corporate Insolvency Resolution Process of the respondent on the allegation of default in payment of an operational debt to the tune of Rs. 11,52,665/-. The Respondent appeared after notice and the parties settled the matter out of court.
The parties under their signature and the signature of their respective counsel filed a memo of withdrawal along with the copy of the memorandum of understanding dated 03.03.2020 intimating settlement of the debt. The counsel for respondent during hearing of the memo handed over a demand draft for Rs. 6,50,000/- towards full and final settlement of the operational debt to the counsel for the applicant.
Perused the memo. The Company petition is yet to be admitted. The Memo is taken on record. Therefore permission can be granted to the operational creditor to withdraw the petition under Rule 8 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
Permission is granted to withdraw the Petition. Hence ordered.
ORDER
The Company Petition be and the same is dismissed as withdrawn. No costs.