AI Structured Summary
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Judgment
The matter is taken up on mention by the Petitioner/Operational Creditor. The Petitioner and the Respondent file a joint memo seeking withdrawal of the application. It is submitted in the memo that the Petitioner (Operational Creditor) and the Respondent (Corporate Debtor) have amicably settled the matter out of court and wish to withdraw the Company Petition.
This Authority by an order dated 19.11.2019 admitted the Company Petition and appointed an IRP. The IRP is present. He has not taken any steps in furtherance of the Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) has also not been constituted. Since the matter is already settled between the parties, it would be appropriate in the fitness of things not to push the Respondent Company to CIRP. The memo is accepted. The Company Petition is here by dismissed as withdrawn under section 12(A) of the Insolvency and Bankruptcy Code read with Rule 11 of the NCLT Rules, 2016.