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Judgment
Per: Rajeswara Rao Vittanala Member (J)
C.P(IB)No.156/BB/2019 is filed by Mrs.Durriyah Mohammed Nadeem & Mr. Mohammed Nadeem,(Petitioner/Financial Creditor) U/s 7 of the I&BC, 2016, R/w Rule 4 of the I&B(AAA) Rules, 2016, by inter alia seeking to initiate the Corporate Insolvency Resolution Process (CIRP) in respect of M/s.Sanchaya Land & Estate Pvt. Ltd., (Corporate Debtor), on the ground that the Corporate Debtor has committed a default of Rs.12,92,649/- default occurred on 18.04.2016.
The case is listed for admission on various dates viz. 02.05.2019, 31.05.2019, 21.06.2019, 15.07.2019, 31.07.2019, 19.08.2019 & 29.08.2019, and it was adjourned on these dates at the request of parties, on one ground, or the other.
Heard Shri S.Vivekananda, learned Counsel for Petitioner and Shri Gautam S.Bharadwaj, learned Counsel for Respondent. We have carefully perused the pleadings of both the parties and provisions of Code.
The Learned Counsel for the petitioner prayed the Tribunal to permit the petitioner to withdraw the petition.
Both the learned Counsels have filed a Joint Settlement Memo dated 29.08.2019 (which is taken on record), which reads as under:
"The Respondent has handed over a DD bearing No.516668 dated 28.08.2019 for Rs.14,00,000 (Rupees Fourteen Lakh Only) as full and final settlement, which the Petitioner herein agrees and acknowledges.
The Petitioner herein declares that no other case or proceedings has been filed, nor is pending against the Respondent herein before any other Court or Forum; and in case of any proceeding filed earlier the same shall be withdrawn. Neither party will make any further claims against each other on execution of this Joint Memo.
The Advocate appearing for Petitioner herein has secured the authorization from the Petitioner to collect the DD and sign this Joint Memo.
The Petitioner herein has agreed to withdraw the above Petition through this Joint Memo."
Since the parties have settled the issues between themselves and the case is yet not admitted by the Tribunal, we are inclined to permit the petitioner to withdraw the instant petition with a liberty to file a fresh Company Petition.
Hence, C.P(IB) No.156/BB/2019 is disposed of as withdrawn. No order as to costs.