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Judgment
Per: Rajeswara Rao Vittanala, Member (J)
C.P.(IB) No.419/BB/2019 is filed by M/s. Arihant Aluminium Corporation (hereinafter referred to as 'Applicant/Petitioner) U/s. 9 of the IBC, 2016, R/w Rule 6 of the Insolvency And Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by inter-alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Techno Sales Corporation Private Limited (hereinafter referred to as 'Respondent/Corporate Debtor') on the ground that it has committed default for an amount of Rs.4,08,849/- (Rupees Four Lakhs Eight Thousand Eight Hundred Forty Nine Only).
The case was listed for admissions on various dates viz., 03.12.2019, 09.12.2019, 13.12.2019, 14.01.2020, 21.01.2020, 29.01.2020 and 11.02.2020. And it was adjourned on those dates at the request of Petitioner, due to various reasons viz., for serving notice, exploring the possibility of settling the issue etc.
Heard Ms. Pallavi B Patil, learned Counsel for the Petitioner. We have carefully perused the pleadings of the Party and extant provisions of the Code and the Rules made thereunder.
Ms. Pallavi B Patil, learned Counsel for the Petitioner submits that the matter has been settled between the parties and thus the case may be dismissed as withdrawn. she has also filed Memo for Settlement dated 11.02.2020 (which is taken on record), which reads as under:
"The Advocate for the Operational Creditor hereby prays that this Hon'ble Tribunal be pleased to be informed that the matter has been settled outside court. Therefore, kindly dismiss the matter as withdrawn, in the interest of justice and equity."
Since the Company Petition is not yet admitted by the Adjudicating Authority and the parties have the issue, we are inclined to permit the Petitioner to withdraw the instant Company Petition.
Hence, C.P. (IB) No.419/BB/2019 is dismissed as withdrawn. No order as to costs.