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Judgment
Per: Rajeswara Rao Vittanala, Member (Judicial)
C.P. (IB) No.14/BB/2019 is filed by M/s. Pavan Steel House (Petitioner/Operational Creditor), U/s. 9 of IBC, 2016, R/w Rule 6 of I&B(AAA) Rules, 2016, by inter alia, seeking to initiate Corporate Insolvency Resolution Process in respect of M/s. Tanisha Scaffolding (India) Pvt. Ltd. (Respondent/Corporate Debtor) on the ground that the Corporate Debtor has committed, default for an amount of Rs.15,03,040/- (Rupees Fifteen Lakhs Three Thousand Forty only).
The case was listed for admission on various dates viz. 07.01.2019, 09.01.2019, 21.01.2019, 05.02.2019, 01.03.2019, 18.03.2019, 02.04.2019, 22.04.2019, 24.04.2019, 08.05.2019, 30.05.2019, 25.06.2019, 18.07.2019, 22.07.2019, 29.07.2019, and on 22.08.2019. The case was stands adjourned on these dates at the request of the parties and on the one ground or the other including the settlement, issue in question.
Heard Ms. Akhila M.S, learned Counsel for the Petitioner and none appeared for the Respondent. We have carefully perused the pleadings of the party and extant provision of the Code.
Ms. Akhila M.S, learned Counsel for the Petitioner/Operational Creditor submits that under the instructions from Petitioner/ Operational Creditor they wanted to furnish the matter with liberty to approach alternative forum and also filed Memo for Withdrawal dated 21.08.2019 (which is taken on record) which reads as under:
"It is submitted that the Operational Creditor had filed the present petition to initiated Corporate Insolvency Resolution Process against the Corporate Debtor. However, the Operational Creditor does not wish to press the matter and seeks leave of this Hon'ble Tribunal to withdraw the present Petition, with the liberty to approach alternative forum. "
Since the Company Petition is not yet admitted by the Adjudicating Authority, the learned Counsel for the Petitioner/Operational Creditor wanted to withdraw the instant Company Petition with the liberty to approach alternative forum, we are inclined to permit the Petitioner/Operational to withdraw the instant Company Petition and reserving liberty to the Petitioner to file fresh Company Petition in accordance with law.
In the result, C.P. (IB).No.14/BB/2019 is disposed of as withdrawn by reserving liberty to the Petitioner/Operational Creditor to approach alternative forum. No order as to costs.