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Judgment
The present Application, IA(I.B.C)/1343(CH)2026, has been filed by the Applicant/Operational Creditor under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking withdrawal of the Company Petition bearing CP(IB) No. 36/Chd/Pb/2026, filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the Respondent/Corporate Debtor.
It is stated that the Company Petition, seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor for an alleged outstanding amount of Rs. 1,46,64,585.61/-, is yet to be admitted by this Tribunal. During its pendency, the parties amicably resolved the dispute and executed a Settlement Agreement dated 01.09.2026. In view of the settlement, the Applicant no longer wishes to press the Company Petition and prays for its withdrawal.
Pursuant to this Tribunal's order dated 09.09.2026, whereby three days' time was granted to explain the inapplicability of the amended Section 12A(2) of the Code, the Applicant has filed its Written Submissions contending that Section 12A, by its own terms, applies only to "an application admitted under section 7, 9 or 10," and since the present petition is not admitted, its withdrawal is governed solely by the Rule 8 of the AAA Rules, 2016, which empowers this Tribunal to permit withdrawal of an application made under Rules 4, 6 or 7 of the said rules on a request by the applicant before admission.
Having perused the Application, the Settlement Agreement dated 01.09.2026 annexed thereto, and the said Written Submissions, and finding the request bona fide and made prior to admission of the Company Petition, we find the submission well-founded and are satisfied that the same merits acceptance.
Accordingly, IA(I.B.C)/1343(CH)2026 stands allowed and CP(IB) No. 36/Chd/Pb/2026 filed against the Respondent/Corporate Debtor, M/s. Aastha Autotech Private Limited stands dismissed as withdrawn.