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Judgment
This is an application filed by the Operational Creditor seeking withdrawal of the Company Petition.
The Applicant (OC) filed TCP (IB) No. 111/9/AMR/TP/2019 (CP (IB) No. 412/9/HDB/2019) against the Corporate Debtor under section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) alleging default in payment of an Operational Debt. This Tribunal by order dated 12.02.2020 admitted the Petition and directed initiation of Corporate Insolvency Resolution Process (CIRP) of the Respondent. Subsequent to the order and before the Interim Resolution Professional could take charge of the Respondent Company or the CoC could be constituted, the parties amicably settled the matter. Hence the Applicant came up with the present Application.
Since the CIRP has not progressed and the CoC has not been constituted, it would not be improper to allow the parties to settle their disputes and permit withdrawal of the Petition in terms of Section 60(5) of the IBC read with rule 11 of the NCLT Rules, 2016.
ORDER
The Application be and the same is allowed without contest. The Company Petition is hereby dismissed as withdrawn. The Respondent Company is released from the rigors of the CIRP in terms of the order dated 12.02.2020 subject of payment of Rs. 5,000 (Rupees Five Thousand Only) as costs to the NCLT Bar Association and Rs. 10,000 (Rupees Ten Thousand Only) towards the fees of the IRP within a week.