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Judgment
Counsel for Petitioner and Counsel for Respondent are connected through video.
Joint memo is filed by Petitioner stating that the matter is settled between the parties and requested the Tribunal to permit the Petitioner to withdraw the petition.
The petition is not yet admitted. Hence, permission can be granted to the petitioner to withdraw the petition under Rule 8 of I & B (AAA) Rules, 2016.
Accordingly, the Petition is dismissed as withdrawn vide separate orders.
Hon'ble Shri Veera Brahma Rao Arekapudi, Member Technical.
ORDER
Withdrawal Memo is filed on behalf of Operational Creditor seeking permission to withdraw the petition on the ground both parties entered into settlement.
It is averred that corporate debtor has entered into a settlement with the operational creditor and has agreed to pay a sum of Rs.9,00,000/- towards full and final settlement to the petitioner. The said amount is being paid by the respondent by encashing the Demand Draft no.111047 dated 21.10.2020 at State Bank of India, SIB Branch, Saifabad.
It is averred that the respondent hereby undertakes to get encashed the Demand Draft only after the withdrawal of the present matter and also withdraw all the cases filed U/s.138 of N.I.Act, Civil or Criminal Case against the respondent without any condition.
It is averred that in view of the Memorandum of settlement operational creditor seeks permission to withdraw the petition and requested the Tribunal withdraw the present matter as settled.
Perused the Memo for withdrawal. Operational Creditor entered into a Memorandum of settlement with the corporate debtor and the issues have been amicably settled between the parties.
Memo is recorded, since the Petition is not yet admitted and IRP is not appointed, therefore permission can be granted to withdraw petition under Rule 8 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules 2016.
In the result, petition is dismissed as withdrawn. CP(IB) No.667/9/HDB/2019 is closed as withdrawn.