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Judgment
Per: Rajeswara Rao Vittanala, Member (J)
C.P.(IB) No.127/BB/2020 is filed by M/s. CMS IT Services Private Limited., (hereinafter referred to as 'Applicant/Operational Creditor') 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. Krisfo Infotech Solutions Private limited (hereinafter referred to as 'Respondent/Corporate Debtor') on the ground that it has committed default for an amount of Rs.19,87,390/- (Rupees Nineteen Lakhs Eighty Seven Thousand Three Hundred and Ninety only).
The case was listed for admissions on various dates viz., 28.02.2020, 26.02.2020, 11.06.2020, 29.06.2020, 03.08.2020 and on 24.08.2020. And the case was adjourned on these dates at the requests of the parties, on one ground or the other, including to settle the issue in question.
Heard Mr. Chirag Sanchetti, learned Counsel for the Petitioner and Ms. S. Manjula Devi, learned Counsel for the Respondent, through Video Conference. We have carefully perused the pleadings of both the parties and extant provisions of the Code and the Rules made thereunder.
Mr. Chirag Sanchetti, learned Counsel for the Petitioner, submits that the issue was amicably settled between the Parties and thus the Petitioner may be permitted to withdraw the instant Company Petition.
Since the Instant Company Petition is at admission stage and the Parties have settled the issue in question, we are inclined to dispose of the Company Petition as withdrawn.
In the result, C.P. (IB) No.127/BB/2020 is dismissed as withdrawn. No order as to costs.